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Tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 July 2012 In case of Professional total receipts does not exceed the limits of Rs. 15 lakhs but his F&O turnover exceeds the turnover of Rs.60 lakhs for F.Y.2011-12 Whteher he is liable to tax audit?
Whether consolidated P&L and Balance Sheet to prepared and audited or F&O segments to be audited?
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Amol S Joglekar

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Amol S Joglekar (Expert)
30 July 2012 absolute value of FNO is to be taken. If it is exceeding 60 lakh then tax audit is applicable
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