Tax audit

This query is : Resolved

Rahul Jain (Querist)
Follow

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

Dintakurthi Tirumala (Expert)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok