Hy
What is tax audit limit for PY 2017-18?
Thanks
Indira
1 Replies
Sarath Rajendran
(Nil)
(2791 Points)
Replied 30 August 2018
Profit less than 8%
If total sales, turnover or gross receipts exceeds Rs. 1 Crore in any previous year, in case of business; or
Note: Provided that this section is not applicable to the person, who opts for presumptive taxation Scheme under Section 44AD and his total sales or turnover does not exceed Rs 2 crores.
2) If gross receipts exceeds Rs. 50 Lakhs in any previous year, in case of profession.
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