As everyone know that it is mandatory for everyone to file the return with audit report for a.y 2013-2014
so i can't understand who will do this process. Whether this process will be done by Charted Accountant Or by Lawyer and how to do this process plz reply back
@Querist,
There are two objectives behind the auditing of any organization.
1.To ascertain the Exact position of the organization in terms of Finance.
2.To give information to the general public and for the welfare of share-holders about the financial health of the company.
The Obligation to give audit report by an organization imposed by Government must be accomplished by a public Auditor.The power to do public audit rests with a charted accountant who must not be a employee within any organization/company.Remember assocation of a CA with CA firm doesn't come within this restriction.
Note-This reply should be taken as per the declartion given in my profile page.
Thanks,
Regards,
Dear Vanshaj,
According to sec.44AB the following are required to get their accounts audited before filing their ITR;
(1) Every person carrying on business shall, if his total sales/ turnover/ gross receipts exceed Rs.6000000/-(sixty lacs) in the previous year i.e. FY 2012-13 is required to get his a/cs audited by a CA before 30th.Sept.2013 and furnish by that date the same duly signed and verified by the CA.. He also has to file his ITR on the prescribed form by that date.
(2) In case of person carrying on profession the provisions of compulsary audit are applicable if his gross receipts in profession exceed Rs.1500000/- in the previous year.
(3) Similarily a person carrying on business and turnover is less than Rs.6000000/-(sixty lacs) covered u/s 44AD,44AE and claims his income lower than the deemed profitis required to get his a/cs audited.
The audit is to done by a Chartered Accounant while the Income tax return can be filed by the CA or Advocate or by self.
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