Yogesh Jain
asked almost 3 years ago
i am holding ia ice plant , i sale of rs-5500000/- i maintance the books, my net profit is rs 250000/- so, i know our prop. firm- reqired is complasy audit ,or not audit
narahari
answered over 2 years ago
In case of Business: – If Total Sales/ Gross Turnover exceeds Rs 1 Crore in any previous Year In case of Profession: – If Gross Receipts exceeds Rs 25 Lakh in any previous Year Assesses covered u/s 44AD/44AF/44BB/44BBB are also required to audit of accounts if they claim that their profit will be less than limit specified in respective section. e.g. u/s 44 AD Audit of accounts is required when two conditions are satisfied:- Claim lower profit than limit specified u/s 44AD (Limit of 8%) your turnover - 5500000 8% - 440000 if you want to show net profit 250000 then you need to audit your book of accounts
rohit awasthi
answered almost 3 years ago
dear Audit of accounts is compulsory In case of Business: – If Total Sales/ Gross Turnover exceeds Rs 1 Crore in any previous Year In case of Profession: – If Gross Receipts exceeds Rs 25 Lakh in any previous Year Assesses covered u/s 44AD/44AF/44BB/44BBB are also required to audit of accounts if they claim that their profit will be less than limit specified in respective section. e.g. u/s 44 AD Audit of accounts is required when two conditions are satisfied:- Claim lower profit than limit specified u/s 44AD (Limit of 8%) your turnover - 5500000 8% - 440000 if you want to show net profit 250000 then you need to audit your book of accounts income tax calculation income 440000 upto 250000 - Nil 190000 - 19000 total 19000 ES-3% 570 total tax 19570 income tax calculation income 250000 upto 250000 - nil
Jitendra Suthar
answered almost 3 years ago
Hiiii friend..... In your case your Turnover or sales is not exceeding Rs. 1Crore, so you are not auditable under section 44AB. But in this case your profit is less than 8 % of turnover, So as per section 44AD, if the Net profit is less than 8% of turnover then you have to get Audited your Books of Accounts and File Income Tax returns as audited u/s 44AD. Regards,
