Calculation on number of audit in ceiling limit

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Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2016 Whether audit done whose turnover does not exceed 1 crore but has profit below 8% are also considered in calculation of 60 audits?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 October 2016 No vide the extract given below.

Revised Para 6.0 and 6.1 of Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 Related to Increase in Tax Audit limit

Chapter VI
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Provided also that the audits conducted under Section 44AD, 44AE and 44AF of the Income Tax Act, 1961 shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”.