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Is the person liable for tax audit?

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 February 2011 Purchase for financial year 2010-2011 is 50 lakhs ,closing stock of previous year brought into profit lost statement is 6 lakhs and profit is say 5-6 lakhs(excluding indirect expenses).

Sales say 43 lakhs and closing stock for this year somewhere around 15-25 lakhs.

I am confused regarding purchase part as i have seen too many topics on forum where people suggest even if purchase surpasses the limit audit becomes necessary though sales to be lower than that.
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
01 March 2011 Tax audit has no connection with purchases or stocks. It depends on turnover.
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