Limit for audit
mandeep raikay (una) (175 Points)
16 September 2019
friends pls tell wath is the limit of tax audit
2 Replies
ABHISHEK
(Student)
(412 Points)
Replied 17 September 2019
Normal Law
Tax Audit Limit for business 1 crore
for profession 50 Lakh
Specific
44AD benefit is available upto 2 crore limit, no audit required if 8% profit declared for business
Tax Audit Limit for business 1 crore
for profession 50 Lakh
Specific
44AD benefit is available upto 2 crore limit, no audit required if 8% profit declared for business
Shivam RC
(Student)
(23683 Points)
Replied 27 September 2019
Agree with Abhishek...
If your Turnover in Business exceeds Rs. 1 crore or Gross Receipts in Profession exceeds Rs. 50 lakhs, then you have to comply with the Provision of Section 44AB of the Income Tax Act 1961 ( TAX AUDIT ).
If your Turnover in Business exceeds Rs. 1 crore or Gross Receipts in Profession exceeds Rs. 50 lakhs, then you have to comply with the Provision of Section 44AB of the Income Tax Act 1961 ( TAX AUDIT ).
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