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Regarding Tax Audit

Kamlesh Tolani (accountant) (562 Points)

28 November 2019

Tax Audit Limit in 2019-20 ?

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Miss Mansi Bhojani (Practicing Chartered Accountant) (1714 Points)
Replied 28 November 2019

Total sales or turnover or gross receipts exceed Rs 1 crore in the FY. (Non presumptive cases ) For professionals the limit is Rs 50 Lakhs.

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Kapadia Pravin (17259 Points)
Replied 28 November 2019

44AB Tax Audit limit for FY 2019-2020

-A person carrying on business, if his total sales, turnover or gross receipts exceed Rs. 1 crore.

This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesnot excceeds Rs. 2 crores.

A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.

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