Ceiling limit for tax audit
This query is : Resolved
12 July 2012
45 is the maximum limit for Tax audit assignments. In sec 44AD, if the assessee declares lower income than 8%, then he needs to maintain books as per sec 44AA and to get the books audited us 44AB. This type of compulsory audit will be included in the 45 count or not? Some professionals say yes and some say no. Anybody could clarify this with proof? Thank you...
12 July 2012
Audit u/s 44AD and 44AE are excluded while computing the limit.
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