Applicability of tax audit

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(Querist)
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
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ponibass

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ponibass (Expert)
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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CA Devin

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CA Devin (Expert)
10 June 2009 No, if Turnover in Financial year 08-09 is less than 40 lacs tax audit will not be applicable.
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Ratan Sharma

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Ratan Sharma (Expert)
10 June 2009 Hi khushboo,
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Ratan Sharma

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Ratan Sharma (Expert)
10 June 2009 Tax audit will not be applicable. Agreed with experts
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Deepak Goel

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Deepak Goel (Expert)
11 June 2009 Tax audit will not be applicable.

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