Tax Audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2010 A persons turnover is less than 60lacs but profit is more than 60 lacs, he is sole trader, audit is required ?

TAX audit is required for an individual who is carrying business in his individual name , tunover is less than the reuqired limit but income is more than the turnover limit for audit?

srinath

srinath (Expert)
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28 July 2010 if business turnover is less than 40 lacs then no tax audit

but wat income made his profit more than 60 lacs

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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28 July 2010 for tax audit only turnover will be consider not profit.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2010 CA ravindra,
So for audit turnover is considered and not profit ? whether profits is more than 60lacs or less irrespective of that only turnover considered ?