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AUDIT LIMIT

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(Querist)
24 July 2011 MR. X IS HAVING PROFESSIONAL INCOME RS. 18 LAKHS AND HAS A PROPRIETARY BUSINESS HAVING TURNOVER RS. 23 LAKHS. WHETHER HIS BUSINESS SHALL BE REQUIRED TO BE AUDITED U/S 44AB?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
25 July 2011 The Limit is 15 lac at present and as the turnover is exceeding the minimum limit tax audit has to be done
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
25 July 2011 Yes, he is required to get his business audited under section 44AB
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