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Tax Audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2010 A persons turnover is less than 60lacs but profit is more than 60 lacs, he is sole trader, audit is required ?

TAX audit is required for an individual who is carrying business in his individual name , tunover is less than the reuqired limit but income is more than the turnover limit for audit?
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srinath

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srinath (Expert)
28 July 2010 if business turnover is less than 40 lacs then no tax audit

but wat income made his profit more than 60 lacs
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
28 July 2010 for tax audit only turnover will be consider not profit.
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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2010 CA ravindra,
So for audit turnover is considered and not profit ? whether profits is more than 60lacs or less irrespective of that only turnover considered ?
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