Tax audit

This query is : Resolved

Sivachandiran G (Querist)
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08 September 2011 Hi I am siva
I wish to know that, a person doing two difference business having turnover of Rs.2850000 and Rs.3545800 respectively. Whether Tax Audit is applicable.

If a person having professional income as well as business income and aggregate turnover is above 60lakhs, which come under Tax Audit.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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08 September 2011 Limits are calculated person wise and not business wise.

So in the 1st case, there will be Tax Audit.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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08 September 2011 In the 2nd case, there can be many views.

In my view, if either the Professional turnover exceeds 15 lakh or business turnover exceeds 60 lakh then there will be tax audit
.

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