Answer / deepak jain

verfication books of accounts

if traders annual tournover above 40 lac than tax audit is
compalsury & in case of profession limit is 10 lac

verfiy of your accouts book like sales book, purchase
register, journal , cash book , bank book , stock legder

are books compalsury

Answer / ca. pawan kumar garg

Tax audit is a rquiremnent under income tax act if the
gross receipts excess the specified limit.

In case of professional, gross recepts excess rs. 10 lacs
In case of others, gross receipts exceeds rs. 40Lacs

If net profit is a profit why does it appear on the liability side of the balance sheet

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