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Tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 July 2013 if a firm carryin on business of mobile sets incurred loss of 70000 with turnover 9lacks.... is there chance of tax audit... pls explain with reason
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CA. RICHI SAXENA

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CA. RICHI SAXENA (Expert)
20 July 2013 Tax Audit is a applicable in case the Turnover Exceeds Rs.1 crores. As your Turnover is well below the limits so you need not go for Tax Audit.
You will have to file ITR 4 and show therein all the relevant details.
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