One of my client has income from online advertisement.Money is earned in US dollar and is transferred to his account at the exchange rate prevailing on the date of transfer.His gross turnover is less then 60 lakhs.I have heard somewhere that even if turnover is less then Rs.60 lakhs but is earned in foreign exchange tax audit is compulsory,irrespective of the quantum of receipt.I am a bit confused regarding the issue.Is tax audit required?
Please help?
CAclubindia
