17 September 2010
The sum of profit & losses has to be greater than 40 lakhs, then only the Audit is copmulsory. It may be a case of 21 lacs profit + 20 lacs loss which necessitates tax audit.
However, buying shares worth 50 lacs and selling worth 100 lacs may not necessitate tax audit if the profit is less than 40 lacs.
CAclubindia
