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Tax audit

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(Querist)
05 May 2012 If somebody has a poultry business.Turnover(2011-12) Rs.5800000.00 and net profit Rs.500000.00.In this situation,is Tax Audit mandatory?
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Rajnikant Vadigoppula

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Rajnikant Vadigoppula (Expert)
05 May 2012 profit is more than 8% so not required.
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
05 May 2012 Prima Facie Audit is not applicable. However, please check whether there is any other receipts in the business. If the turnover plus other receipts exceed Rs. 60 lakhs, then audit is applicable.




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