Tax audit applicable or not

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Devendra (Querist)
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07 September 2011 In AY 11-12 M/s XYZ has a turnover of Rs. 45 Lakhs and purchases are Rs. 85 lakhs. Whether Tax Audit is applicable?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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07 September 2011 No Tax audit not applicable as per section 44AB whose gross receipts or gross turnover exceeds Rs.60 lacs are liable to Tax audit.Turnover means sales,etc... but not purchases. So in your case tax audit not applicable.If u want to offer income below 8% of the turnover than u have to do Tax audit. That means in your case Tax audit is not mandatory but optional at the choice of the assessee
OM SAI SRI SAI JAI JAI SAI

Hari Beldona

Hari Beldona (Expert)
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07 September 2011
Tax Audit U/s 44AB will not be applicable since Gross Turnover is not exceeding Rs 60 lacs for the Assessment Year 2011-12

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