10 June 2009
If tax audit is applicable in last year, however if in the present financial year the turnover is less than 40 lakhs then whether tax audit will be applicable in the current financial year or not
10 June 2009
I thing you are getting some confusion regarding previous year (under income tax) and previous year(for accounts). After 31st march, while finalising your accounts,If your previous year turnover(i.e.Apr2008-Mar2009)exceeds Rs.40 Lakhs, tax audit will apply for AY 2009-10. There is no relationship with previous year tax audit.
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