Hi,
what is limit of tax audit under 44AB and for which assessment year change the tax audit change i.e. 2 cr. from 1 cr.
For AY17-18 tax audit to be done if turnover exceeds Rs1 Cr u/s 44AB
5 Replies
Moneesh Nair
(0)
(609 Points)
Replied 16 October 2017
tax audit is required, in case of business, if the the turnover exceeds 1 crore .
However there was a circular issued that in case assesse is opting sec 44 AD the tax audit is required only if the turnover exceeds 2 crore.
However there was a circular issued that in case assesse is opting sec 44 AD the tax audit is required only if the turnover exceeds 2 crore.
Moneesh Nair
(0)
(609 Points)
Replied 16 October 2017
you can google press release dated 20/06/2016 for sec 44AD
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
