Calculation on number of audit in ceiling limit
This query is : Resolved
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?
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
.
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”.
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
.
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”.
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