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audit limit

rinku gupta (accountant) (435 Points)

10 August 2017

anybody what is limit of audit

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Deepak Gupta (CA Student) (15922 Points)
Replied 10 August 2017

Turnover > INR. 2 Crore.

Sec. 35(5) of the CGST Act, 2017, “Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.”

Rule 80(3) of the CGST Rules, 2017, “Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.”

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RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 11 August 2017

@ Rinku Gupta,
Audit limit is Rs. 1cr...
In case we can move it to u/s 44AD (Presumptive taxation) then we use the limit to 2cr.... (AY 17-18)

rinku gupta (accountant) (435 Points)
Replied 11 August 2017

raja pm , wht is procedure of 44 ad selection

rinku gupta (accountant) (435 Points)
Replied 11 August 2017

kya 2 crore mein jo net profit aega us ka humko 8% dena hai , ya net profit mein se 80 c ki b exemption milegi

Deepak Gupta (CA Student) (15922 Points)
Replied 11 August 2017

Originally posted by : becool
	When did they increase the limit for Audit?

N.N. 10/2017-Central Tax, dt. 28.06.2017.

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 11 August 2017

Originally posted by : rinku gupta
	raja pm , wht is procedure of 44 ad selection

Just calculate assessee's turn over based on Receipts then calculate 8% profit on the turn over then file the return under presumptive taxation.

If the assessee is individual he/she can claim deductions after 8% as per IT rule. If that is a Partnership firm they don't have deductions after 8% like Remuneration and Interests...