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Q. > Please Help: Audit is required ?
My client sale is Rs 30.00 Lac in AY 2010-11 and he surrendered RS 20.00 lac .Now AO can ask 1.Audit is required 2.what will be position if 20 lac surrenderd shown in the form of STOCK,DEBTORS AND CASH
1 Answers
answered Jan 19, 2012 by lavina bajaj , Mumbai
tax audit is compulsory if sale exceeds 60Lacs. and penalty for concealment of income can be presumed on unexplained income which may be 100-300% of the amount involved..
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Comments
PANKAJ BANSAL
14-Jan-2012 , 12:54:11 pmAudit is required only when, AO increased your turnover.
Kavita Arora
14-Jan-2012 , 11:15:35 pmno bcoz sale is not exceeding 60 lac and on max to max AO can initiat penalty proceeding U/s 271(1)( c) if your clint not proved him wrong