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Answer Posted / gopi sharam
Tax Audit is done if gross turnover of an assessee exceeds
Rs.40 Lac in case of non -professionals and in case of
professionals the limits is 10 lac, this audit is
complusory to be done before 31.10.08, otherwise the
assessee is penalised as per the provisions of the income
tax act.
| Is This Answer Correct ? | 57 Yes | 38 No |
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