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Applicability of audit

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(Querist)
03 July 2010 If an individual has both business & profesional income. His total turnover in business exceeds 40 lakhs but reciepts are less than 10 lakhs.Is he liable to get his accounts audited for both business & profession or only business
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
03 July 2010 While looking at the limits for tax audit turnover for an assessee is computed. If it exceeds the prescribed limits then audit of all the business of the assessee should be done.
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