Applicability of tax audit
This query is : Resolved
khushboo nangalia
(Querist)
10 June 2009
If tax audit is applicable in last year, however if in the present financial year the turnover is less than 40 lakhs then whether tax audit will be applicable in the current financial year or not
10 June 2009
I thing you are getting some confusion regarding previous year (under income tax) and previous year(for accounts). After 31st march, while finalising your accounts,If your previous year turnover(i.e.Apr2008-Mar2009)exceeds Rs.40 Lakhs, tax audit will apply for AY 2009-10. There is no relationship with previous year tax audit.
10 June 2009
No, if Turnover in Financial year 08-09 is less than 40 lacs tax audit will not be applicable.
Ratan Sharma
(Expert)
10 June 2009
Hi khushboo,
Ratan Sharma
(Expert)
10 June 2009
Tax audit will not be applicable. Agreed with experts
Deepak Goel
(Expert)
11 June 2009
Tax audit will not be applicable.
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