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Tax audit limit

nisha k (article assistant) (106 Points)

01 October 2019

1.when tax audit is applicable to a professional? ( gross receipts exceeds rs.50 lakhs or rs.30 lakhs?)

2. does gross receipts include gst to determine applicability?

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2 Replies

RAJA P M ("Do the Right Thing...!!!") (127977 Points)
Replied 01 October 2019

1. Exceeding 50 lakhs.
2. no need...

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Kapadia Pravin (17259 Points)
Replied 01 October 2019

1. Exceeds 50 lakhs

2. As per section 145A of I T Act and
As per ICAI, GST should be included even if the Assessee has not included the same in Profit and Loss account and shown the same as current Liability.

In that sense , for determining the meaning of the word “sales turnover” GST should also be considered for purpose determining the criteria for getting accounts audited u/s 44AB of the I T Act.