No you are not required to get audit. Audit is necessary for the person who has income from business and turnover exceeding 2 crore.
In your case P&L and Balance sheet preparation is also not required.
If you want I can help u in return filling too.
Is P & L account and balance sheet required?
I am a Senior Citizen(72 yrs). My income comprise Interest from Bank FD, Corporate Bond, Company deposit, Dividends, Capital gains, LIC Pension. Total annual income is less than 10 lakh. Am I required to get my account audited and prepare P&L a/c and balance sheet, before filing IT returns? Also, Please clarify if fixed assets should be included in the balance sheet?
Asked 8 years ago in Income Tax
Respected Sir
you need not to prepare Balance Sheet because you have not run any business , thus show all income except capital gain income under income from other sources and fill your income tax return
You are not carrying on any business or profession. Hence, you are not required to maintain books of account and thus there is no need to prepare Profit and Loss A/c and Balance Sheet.
As you need not maintain books of accounts, you are not required to get your account audited.
As your income is less than Rs 10 L, there is no need to disclose fixed assets in the IT Return. It is required only if your taxable income exceeds Rs 25 Lakhs or so.
Hello,
No sir, you are not required to get your books of accounts audited or file a balance sheet copy.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
No, P&L and B/S are required only in the case of business income.
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hi,
The requirement of audit of books of accounts and maintenance of balance sheet and profit & loss account is applicable only for a person who earns income from business and profession. Hence, you need not maintain them.
If one is preparing a balance sheet, then all assets, including fixed assets have to be reported.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LLB
Yes,
You required to Maintain Books of Account,
but you not to require to Audit of above books before filling IT returns.
Fixed assets are the part of the Balance Sheet.
No need to get your accounts audited. Also since there is no business income Profit and Loss Balance sheet need not be filed.
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