Tax audit limit
This query is : Resolved
14 February 2015
what is limit for tax audit in an assessment year
14 February 2015
Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed 100 lakh rupees. Similarly, a person carrying on a profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed 25 lakh rupees.
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