Tax audit limit for ay 2017-2018
This query is : Resolved
SHAMNHU NATH TRIVEDI
(Querist)
22 June 2017
I want to Know Whether Tax Audit Limit extended to Rs 2 Crore is applicable for AY 2017-2018 OR nOT?
CA Rashmi Gandhi
(Expert)
22 June 2017
Yes same is applicable for A.Y.2017-18
23 June 2017
Tax audit limit is not extended it is still Rs 1 crore only. The limit has been enhanced to Rs 2 crore only for section 44AD assessees, that is to say they can opt for section 44AD if their turnover does not exceed Rs. 2 crore. But limit u/s 44AB is Rs 1 crore only.
CA Rashmi Gandhi
(Expert)
23 June 2017
Tax audit limit is above 1 crore but if you want to declare profit under Sec44AD then it limit is 2 crore
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