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Tax audit

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(Querist)
10 May 2014 once the turnover of indivdual exceeds 1 cr he is subject to tax audit. wat if in d next financial year turnover is less den 1 cr?? is he subject to tax audit?
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Sandeep Dharar

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Sandeep Dharar (Expert)
10 May 2014 No for that year he is not liable for Tax audit.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
10 May 2014 No. If the turnover is below the prescribed limit(Rs 1 Crore) in the next year then tax audit is not required.
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CA. Amit G. Chandani

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CA. Amit G. Chandani (Expert)
10 May 2014 It is according to turnover in previous year. Its not necessary for every year.
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