Tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 May 2013
If construction company has purchased material worth Rs.1.5 Crore and during the year no sales are made. till date construction are not started and all purchse are in WIP. on the basis of purchase weather firm are liable for Tax audit or not?
09 May 2013
Tax audit shall be mandatory based on the turnover(sales/gross receipts). So in your case turnover is nil i.e not exceeded the tax audit mandatory turnover limit so need not to make tax audit.
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