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APPLICABLITY OF TAX AUDIT

This query is : Resolved 
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(Querist)
30 July 2008 A Business has the following details:

Net Purchase of Rs/-6000000(Sixty Lakhs)

And

Net Sale of Rs/-3800000(Thiry Eight Lakhs)

Whether he is liable for Tax Audit.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
30 July 2008 What do you mean by net sales?
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SHAIKH AIJAZ ABU MIYAN

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SHAIKH AIJAZ ABU MIYAN (Querist)
31 July 2008 I want to know whether business whose purchase exceeds 40lakhs but sale is less than 40lakhs whether he is liable for tax audit.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
01 August 2008 If the gross sales are less than Forty lakhs, notwithstanding the value of purchase, you are not falling within the tax audit purview.

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