12 May 2011
Clarify whether you are asking on threshold limit for when the audit is applicable or you are asking about the limit of number of audits, a practicing CA can perform.
12 May 2011
Statutory Audit is applicable to each and every limited company irrespective of turnover.
Tax audit is applicable as follows. -- In case of business, where sales, turnover or gross receipts exceed Rs. 60 lakhs -- In case of business, where gross receipts exceed Rs. 15 lakhs -- In case of business having turnover less than Rs. 60 lakhs but the assessee declares the income lower than required by the sections of presumptive income, i.e. section 44AD and section 44AE.
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