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tax audit limit for fy2016-17
what is the limit 1 cr or 2 cr
Replies (2)
1 crore is (normal) tax audit limit.
Less than 2 crore is under presumptive taxation...
Less than 2 crore is under presumptive taxation...
as per section 44AB if turnover is more than 1crs then assessee should get his accounts audited by CA. If his turnover is more than 1crs but less than 2crs then assessee has options either go for presumptive Taxation or get his accounts audited by CA if he want to disclose his income below 8%
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