Limitbfor tax audit
NICSON JOHN (514 Points)
23 July 2022
what is the limi for tax audit.?my firm has turnover 1.8cr...can i file return as loss..? pls reply thanks in advance
5 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 23 July 2022
Tax Audit Limit is 1 crore for business and 50Lakhs for professional..
But loss should be audited irrespective of turnover
But loss should be audited irrespective of turnover
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 23 July 2022
In case 5% of all transactions are in mode other than cash then limit is 10000000
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 26 July 2022
5% is not profit it's number of transactions
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 26 July 2022
Take the help of professionals like CAs. They may guide you.
Better to go for Audit voluntarily to get the benefits of audited FS
Better to go for Audit voluntarily to get the benefits of audited FS
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