less than 2crores are required audited f y 2016-18
5 Replies
Anshu Phogat
(CHARTERED ACCOUNTANT)
(30 Points)
Replied 22 March 2018
yes, if turnover of business exceeds rs.1crore during the fy then tax audit is compulsory u/s 44AB.
abhilash
(student)
(411 Points)
Replied 22 March 2018
If you have opted for compostition scheme no audit is required as the limit for audit for the persons who opted composition scheme was 2cr
Anshu Phogat
(CHARTERED ACCOUNTANT)
(30 Points)
Replied 22 March 2018
assessee covered by 44AD(whose turnover do not exceeds rs. 2 crore) are required to get its book of accounts audited u/s 44AB, if he claimed income less than 8% and his total income exceeds basic exemption limit i.e. rs. 250,000.
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