APPLICABLITY OF TAX AUDIT
This query is : Resolved
30 July 2008
A Business has the following details:
Net Purchase of Rs/-6000000(Sixty Lakhs)
And
Net Sale of Rs/-3800000(Thiry Eight Lakhs)
Whether he is liable for Tax Audit.
Net Purchase of Rs/-6000000(Sixty Lakhs)
And
Net Sale of Rs/-3800000(Thiry Eight Lakhs)
Whether he is liable for Tax Audit.
30 July 2008
What do you mean by net sales?
31 July 2008
I want to know whether business whose purchase exceeds 40lakhs but sale is less than 40lakhs whether he is liable for tax audit.
01 August 2008
If the gross sales are less than Forty lakhs, notwithstanding the value of purchase, you are not falling within the tax audit purview.
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