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Tax Audit

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(Querist)
09 April 2011 Induvidual person having total invoice value of Rs. 35,00,000/- for the financial year 2009-10.

Total receipts Rs. 42,00,000/- during the year

My question is this transaction fall under tax audit.
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
09 April 2011 If the accounts are maintained on mercantile basis, the turnover of the business will be regarded as 35 lakhs only and there will not be any tax audit. Here I have assumed that receipts indicated by you means receipts from debtors.

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