07 September 2011
No Tax audit not applicable as per section 44AB whose gross receipts or gross turnover exceeds Rs.60 lacs are liable to Tax audit.Turnover means sales,etc... but not purchases. So in your case tax audit not applicable.If u want to offer income below 8% of the turnover than u have to do Tax audit. That means in your case Tax audit is not mandatory but optional at the choice of the assessee OM SAI SRI SAI JAI JAI SAI
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