is tax audit compulsory in the following case?

Asseming that u r talking about PY 2009-10.

If u'r gross sale, gross receipts or turnover exceeds Rs.40 Lakhs (till AY 2010-11) and Rs. 60 Lakhs (for Ay 2011-12), u have to first see whether your sale of scriptts in PY 2009-10 exceeds Rs.40 lakhs. if it is so, u required to get tthe books of accounts audited from CA as shown below.

u are required to get u'r accounts audited under sec 44AB on or before 30th september of the AY and should furnish the return thererbefore. Otherwise for not getting the accounts audited, AO may levied penalty under IT act upto max of Rs.1 lakh.

Yes you are correct tax audit is required as per logic mentioned by you.

Also check this link---

https://www.cnkindia.com/knowledge_centre/accounting_and_taxation_of_derivatives.asp

If you say you earned profit of 22lac then there are chances that you have exceeded turnover of sales of Rs.40 Lakhs (till AY 2010-11) or Rs. 60 Lakhs (for A.Y. 2011-12). and you become eligible for tax audit..

pls check your turnover and compair it with limits of Rs.40 Lakhs (till AY 2010-11) or Rs. 60 Lakhs (for A.Y. 2011-12) if it exceeds limit then you are eligible for tax audit.

Originally posted by : Manoj B. Gavali
	Asseming that u r talking about PY 2009-10. If u'r gross sale, gross receipts or turnover exceeds Rs.40 Lakhs (till AY 2010-11) and Rs. 60 Lakhs (for Ay 2011-12), u have to first see whether your sale of scripttts in PY 2009-10 exceeds Rs.40 lakhs. if it is so, u required to get tthe books of accounts audited from CA as shown below. u are required to get u'r accounts audited under sec 44AB on or before 30th september of the AY and should furnish the return thererbefore. Otherwise for not getting the accounts audited, AO may levied penalty under IT act upto max of Rs.1 lakh.

 so   SEE PROVISION  FOR YOUR CASE AS ABOVE

yes i m agreed wid pradeep