Audited statement of CC accounts

Divyesh (Querist) 31 July 2010 This query is : Resolved

Respected Experts

I am enjoying cash credit faclity of Rs. 1 lakh for my partnership firm with business turnover of Rs. 20 lakhs involved in retail trade. Recently my bank asked for audited financial statements of my firm stating that now as per RBI circular any customer whose trunover is more than Rs. 10lakh and is avialing any advances from bank needs to get accounts audited.

Where as per Income tax act My firm is not required for audit as turnover is juts Rs. 20 lakhs? Can anyone confirm the has RBI issued circular to thath effect?

Regards

Divyesh

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Advocate. Arunagiri (Expert) 06 October 2010
Need of Auditing for IT and Bank loan is entirely different. Even if the IT does not require any auditing, you have to audit your accounts for the purpose of your bank loan.

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