Tax Audit for pvt. ltd. company
CARadhikaBhinde (proprietor) (68 Points)
05 September 2019
Is tax audit compulsory for Private Limited Company????
2 Replies
sujith kumar dasa
(banglore)
(1496 Points)
Replied 05 September 2019
No only if turnover is more than 2 crores
Deepali
(CA)
(35 Points)
Replied 11 September 2019
Tax Audit for a Private limited company is required only if the turnover is more than 1crore as per Sec 44AB of Income tax Act. The benefit of presumptive taxation as per Sec 44AD (i.e turnover limit of Rs 2crores) is available only to an individual, HUF and partnership firm (excluding LLP), who is a resident.
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