less than 2crores are required audited f y 2016-18
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Less than 2 crores business income
Replies (5)
mean which audit
tax audit
yes, if turnover of business exceeds rs.1crore during the fy then tax audit is compulsory u/s 44AB.
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
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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