Audit Limits
This query is : Resolved
12 May 2011
What is Tax Audit Limit???
What is Company Audit Limit??
What is Cost Audit Limit?
&
What is VAT Audit Limit for Gujarat State???
What is Company Audit Limit??
What is Cost Audit Limit?
&
What is VAT Audit Limit for Gujarat State???
12 May 2011
Clarify whether you are asking on threshold limit for when the audit is applicable or you are asking about the limit of number of audits, a practicing CA can perform.
12 May 2011
I am asking about threshold limit for when the audit is applicable.
12 May 2011
Statutory Audit is applicable to each and every limited company irrespective of turnover.
Tax audit is applicable as follows.
-- In case of business, where sales, turnover or gross receipts exceed Rs. 60 lakhs
-- In case of business, where gross receipts exceed Rs. 15 lakhs
-- In case of business having turnover less than Rs. 60 lakhs but the assessee declares the income lower than required by the sections of presumptive income, i.e. section 44AD and section 44AE.
Tax audit is applicable as follows.
-- In case of business, where sales, turnover or gross receipts exceed Rs. 60 lakhs
-- In case of business, where gross receipts exceed Rs. 15 lakhs
-- In case of business having turnover less than Rs. 60 lakhs but the assessee declares the income lower than required by the sections of presumptive income, i.e. section 44AD and section 44AE.
12 May 2011
I am not aware about the VAT audit limit for gujarath state, but i think the limit is
-- either sales turnover or purchase turnover exceeds Rs. 60 lakhs.
Cost audit is applicable for the industries notified by the central government in this regards.
-- either sales turnover or purchase turnover exceeds Rs. 60 lakhs.
Cost audit is applicable for the industries notified by the central government in this regards.
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12 May 2011
I still want to know Cost Audit Limit & VAT Audit Limit of Gujarat State...
13 May 2011
There is no threshold limit for cost audit. It is notified by the Central Government.
16 September 2013
for vat audit limit in gujarat is 1 crore of total turnover and 20 lakhs of taxable turnover
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