Tax audit
Querist : Anonymous
i need ur valuable suggestion on..my firm turnover is 64lac in FY 11-12,i filled ITR of 199883 ( FY 12-13)..should my firm need audit ? i involve in business of Fruit & Vegetable
Querist : Anonymous
As i have counsulted the concern field expert he suggested that there is no need for Audit becoz margin is less than 8% (in business margin is just 6% in fruit & vegetable)
...second thing is that my taxable income is less than 2lac in FY 12-13
Also, for determining total income you also need to include other incomes. If on account of other incomes you total taxable income exceed Rs 2 lakhs, you shall become liable for tax audit also.
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