Tax audit
This query is : Resolved
07 February 2014
Good evening all
May I know the limit of tax audit for the A.Y 2013-14, it is taken from his sales turnover or from Net profit. please explain.
May I know the limit of tax audit for the A.Y 2013-14, it is taken from his sales turnover or from Net profit. please explain.
AVTAR SINGH
(Expert)
07 February 2014
The tax audit u/s 44AB is required :
1. If the turnover exceeds Rs.1Crore or
2. If the turnover is less than 1 Crore but NP is less than 8%.
1. If the turnover exceeds Rs.1Crore or
2. If the turnover is less than 1 Crore but NP is less than 8%.
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