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Tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 August 2013 For the financial year 2011-12 and before our company comes under Tax Audit net. But for the financial year 2012-13, due to market condition our Turnover is below Rs1.00 crores, so whether Tax audit will be done for the f.y 2012-13. Please specify the provisions.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
21 August 2013 if gross turnover or receipts of the co. is less then Rs.1 Crore in FY 2012-13 then no need for getting your accounts audited u/s 44AB.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
21 August 2013 No tax audit is required if the turnover is below 1 Cr. but if the profit if less than 8% the it is required
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