Tax audit limit fy 17-18
Jayaram (Senior Finance Officer) (398 Points)
30 August 2018
Plz tell me what is turn over limit for Tax Audit for FY 17-18.
4 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 August 2018
Tax Audit Limit Rs. 1cr under sec 44AB...
In case Assessee will declare his income u/s 44ad (If eligible assessee and eligible business) then he can avail the benefit upto 2cr...
In case Assessee will declare his income u/s 44ad (If eligible assessee and eligible business) then he can avail the benefit upto 2cr...
CA Neelima Kotha
(Consultant)
(606 Points)
Replied 30 August 2018
If the turnover exceeds RS 1 cr, then tax audit is applicable.
But if the assessee opts for presumptive taxation then the limit is RS.2cr
But if the assessee opts for presumptive taxation then the limit is RS.2cr
SREERAG E R
(audit cum accounts)
(60 Points)
Replied 30 August 2018
under sec 44ab, if annual turnover exceeds 1 crore
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