Tax limit
hare ram (study) (21 Points)
09 January 2022
A private limited company provide consultancy services . what is tax audit limit Rs. 50 lakh or RS. 1 crore?
11 Replies
Komal Barapatre
(210 Points)
Replied 10 January 2022
If turnover is more than 1cr then audit is required but is turnover is under 50lakhs then return can be filed u/s 44ADA no audit is required
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 10 January 2022
1 Crore.
Because 44ADA and AD benefits are not allowed to Companies
hareram
(FINNAL)
(10 Points)
Replied 11 January 2022
What is reason for 1 Crore?
Co provide Consultancy service. Why not 50 lakhs?
hareram
(FINNAL)
(10 Points)
Replied 11 January 2022
Please read all section properly, deeply and then give reply.
hareram
(FINNAL)
(10 Points)
Replied 11 January 2022
| Originally posted by : Komal Barapatre | ||
 |
If turnover is more than 1cr then audit is required but is turnover is under 50lakhs then return can be filed u/s 44ADA no audit is required |  |
hareram
(FINNAL)
(10 Points)
Replied 11 January 2022
| Originally posted by : Komal Barapatre | ||
|
If turnover is more than 1cr then audit is required but is turnover is under 50lakhs then return can be filed u/s 44ADA no audit is required | |
Please read all section properly, deeply and then give reply.
hareram
(FINNAL)
(10 Points)
Replied 11 January 2022
| Originally posted by : CA Puja Sharma | ||
|
1 Crore. Because 44ADA and AD benefits are not allowed to Companies |
|
What is reason for 1 Crore?
Co provide Consultancy service. Why not 50 lakhs?
Read more at: https://www.caclubindia.com/forum/tax-limit-585445.asp?offset=1
Aarti Maurya
(Student)
(3273 Points)
Replied 12 January 2022
As per sec 44AB if assessee is carrying any business where total turnover is more than 1 crore and in case of profession where gross receipts are more than 50 lakhs are required to get their accounts audited.
Aarti Maurya
(Student)
(3273 Points)
Replied 12 January 2022
As per sec 44AB if assessee is carrying any business where total turnover is more than 1 crore and in case of profession where gross receipts are more than 50 lakhs are required to get their accounts audited.
CA. Aditya Goel
(Chartered Accountant)
(681 Points)
Replied 13 January 2022
Tax Audit Limit is 1 Cr/10Cr for EVERY PERSON carrying on business and the limit is 50 lakhs for EVERY PERSON carrying on profession.
Since Private Limited company is covered in EVERY PERSON so 50 Lakhs limit applies to PLC as well.
But, it should be carrying specified professional service (Doctors, Lawyers, Architects etc.)
Hope this clarifies.
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