Retailers with a turnover up to Rs 5 million are exempted from audit under section 113 of Income Tax Ordinance on payment of tax at the rate of 0.75 percent. This was informed by Khalil Ahmad, income tax officer company circle 05 while addressing members of the Pakistan Yarn Merchants Association (PYMA) Wednesday. Speaking on the salient features of the IT ordinance, he advised them to avail the opportunity offered under the Universal Assessment Scheme. Meanwhile, Yarn Merchants Association members have assured their cooperation in payment of taxes.