25 May 2019
I AM CA FRESHER I WANT TO KNOW THAT 44AD LIMIT IS INCRESED UP TO RS 2 CRORE THAN WE CAN SIGNE 60 AUDIT REPORT LIMIT NOT APPLICABLE TO UP TO 2 CRORE TURNOVER
26 May 2019
On 23 Aug. 2018 also, the ICAI has amended the provisions/ regulations relating to ‘specified number of tax audits’ (ceiling limit) that can be conducted by a practicing CA/ Firm, according to which tax audits conducted under Section 44AD, 44ADA and 44AE of the Income-tax Act, 1961 (Presumptive Taxation) shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”.
Accordingly, it may be concluded that ‘Tax Audits Limit for AY 2018-19‘ applicable for a practicing CA/ partner in CA Firm shall be 60, exclusive of tax audits conducted under Section 44AD, 44ADA and 44AE of the Income Tax Act, 1961.
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