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Tax audit

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09 May 2014 Dear Experts, i want to knw if an assessee whoes turnover exceeds 1crore then he is liable to Tax audit but if subsequently his turnover gets reduce from 1 crore in next Financial year then also will he b liable for TAX AUDIT or not??
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
09 May 2014 No. If the turnover is below the prescribed limit then no tax audit required even if tax audit was applicable in the previous year.
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