19 July 2013
if a firm carryin on business of mobile sets incurred loss of 70000 with turnover 9lacks.... is there chance of tax audit... pls explain with reason
20 July 2013
Tax Audit is a applicable in case the Turnover Exceeds Rs.1 crores. As your Turnover is well below the limits so you need not go for Tax Audit. You will have to file ITR 4 and show therein all the relevant details.
CAclubindia
