Compulsory audit limt
This query is : Resolved
14 October 2014
Sir
Wt is the compulsory audit limit for FY 13-14
is there any change in FY 14-15 if audit limit or In calculation of income.
Wt is the compulsory audit limit for FY 13-14
is there any change in FY 14-15 if audit limit or In calculation of income.
14 October 2014
An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatory, if in the previous year,
The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (Limit increased wef 1st April 2012) or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (Limit increased wef 1st April 2012) or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section
The Due Date of filing the Tax Audit Report under Section 44AB is 30th September of the Assessment Year. However, for AY 2014-15 the due date for filing Tax Audit Report has been extended from 30th Sept 2014 to 30th Nov 2014.
The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (Limit increased wef 1st April 2012) or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (Limit increased wef 1st April 2012) or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section
The Due Date of filing the Tax Audit Report under Section 44AB is 30th September of the Assessment Year. However, for AY 2014-15 the due date for filing Tax Audit Report has been extended from 30th Sept 2014 to 30th Nov 2014.
14 October 2014
Sir
Thank you very much, U have give a good reply.
One more thing pls, in calculating the income any change in the limit of LIC, School fee, Mediclaim etc.,
Thank you very much, U have give a good reply.
One more thing pls, in calculating the income any change in the limit of LIC, School fee, Mediclaim etc.,
15 October 2014
In 80 D i.e., medi-claim thee is no change in limit, for 80 C there is increase in the limit ie. school fees etc. In 80 C the limit increased from 1 lakh to 1.50 lakh.
These amendments will apply in relation to the assessment year 2015-16 and subsequent assessment years.
These amendments will apply in relation to the assessment year 2015-16 and subsequent assessment years.
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