limit for tax audit

31 July 2018

what is the tax audit limit for AY 18-19 Ay. my client TO is 1.26 crores. he is availing 44AD. is he liable for tax audit

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 31 July 2018

Tax audit for any eligible business having opted presumptive assessment u/s. 44AD is applicable only if turnover crosses 2 Crs.

So, in this case audit will be applicable, provided profit declared is less than 6/8% of TO.

vijay mohan (182 Points)
Replied 31 July 2018

when turnover above 1 crores and the assessee not availing 44AD and profit %age is more than 8%. weather he is liable for tax audit

CA Jubair J Jeri (Practicing Chartered Accountant) (147 Points)
Replied 31 July 2018

Yes , vijay mohan as per provision of Section 44 AB clause (a) he is liable for tax audit.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 31 July 2018

Yes... If Assessee's Turn Over above 1cr and He can't opt sec 44AD then Tax Audit applicable as per sec 44AB and It's limit is 1cr...

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