Can anyone say me abt the tax audit limits for both business and profession for F.Y 2015-16 i.e., A.Y 2016-17 ?
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Income tax query reg tax audit
Replies (6)
Business - 1 crore
Profession - 25 lakhs
For AY 16-17
Is it same for AY 2015-16 ?
No there is small change in finance act 2016.refer it .
No there is small change in finance act 2016.refer it .
For AY 15 -16 & 16-17, the limits are 25 lakhs and 100 lakhs for profession and business respectively.
The new limits in finance act 2016 are applicable from AY 17-18 onwards. They are 50 lakhs and 200 lakhs for profession and business respectively.
Its Rs.1 Crore for business
and Rs.25 lakhs for profession
for AY 2016-17
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