Tax audit
This query is : Resolved
Rahul Jain
(Querist)
29 September 2012
Whether Tax Audit is Applicable in film production, if there in no release of film in the year, but the cost of production is more than 60 Lacs, & has been shown sa current assets
Dintakurthi Tirumala
(Expert)
29 September 2012
For the purpose of tax audit turnover during the year is important i.e sales during the year. Purchases or any other expenses etc.. doesn't consider for the purpose of turnover and not relavent for considering turnover for the purpose of tax audit.
So in your case during the year sales is nil. So turnover doesn't exceeded Rs.60 lacs so tax audit not applicable.
OM SAI SRI SAI JAI JAI SAI
So in your case during the year sales is nil. So turnover doesn't exceeded Rs.60 lacs so tax audit not applicable.
OM SAI SRI SAI JAI JAI SAI
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