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AuthorQuestion Title
S N TRIVEDI
VARANASI
REQUIREMENT OF AUDIT -TURN OVER BELOW RS 10000000

If Turn Over in Account is Rs 95 Lacs and NP is below Taxable Limit i.e. Rs 192000 Whether Audit
U/S 44AB is required?
Replies
SANJAY PODDAR
JORHAT
Audit not required in case of Individual as NP Rs 192000 is less than amount which is not taxable
( Rs 250000 i.e basic exemption limit In case of Firms it is auditible

vikrant doshi
mumbai
first you need to check the turnover in Chq and turnover in cash - apply min 6% np on chq turnover +
8% on cash turnover. In given example if total turnover of 95L and assuming all chq turnover - in
that case you must show net profit of Rs.570000 otherwise you need to get your books of account
audited u/s.44ab

CA. Satish Rao
Mumbai
If the Income below 8% of turn over, then audit is must. even if income is below taxable limit.

Manoj
KOLHAPUR
Audit not required in case of Individual as NP Rs 192000 is less than amount which is not taxable (
Rs 250000 i.e basic exemption limit In case of Firms it is auditible


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