Tax audit applicability
This query is : Resolved
vrushti shah
(Querist)
15 September 2014
If there is no turnover and only work in progress...is tax audit applicable?? what does turnover includes for calculating limit of tax audit?
15 September 2014
Turnover does not include Work-In-Progress. If turnover crosses Rs 100 Lacs only then Tax Audit Applicable.
For definition of Turnover see page no 20 of Guidance Note on Tax Audit -Revised edition 2014 from link given below:
https://220.227.161.86/34728gn-taxaudit-dtcicai.pdf
For definition of Turnover see page no 20 of Guidance Note on Tax Audit -Revised edition 2014 from link given below:
https://220.227.161.86/34728gn-taxaudit-dtcicai.pdf
Ashwani Narnoli
(Expert)
16 September 2014
Agree withSanjqy sir, turnover does not include wip
Ashwani Narnoli
(Expert)
16 September 2014
* Sanjay Sir
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