Applicability of audit
This query is : Resolved
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
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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