Is the person liable for tax audit?
This query is : Resolved
Querist : Anonymous
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.
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.
01 March 2011
Tax audit has no connection with purchases or stocks. It depends on turnover.
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