Tax audit limits
This query is : Resolved
27 March 2016
Tax Audit limit. (44AB) for fin.yr. 2013-2014 & 2014 -15 how much sir?
27 March 2016
Your query is not very clear, as you want information regarding the overall Limit for Tax Audit cases in case of Business or profession or for auditor to sign the tax audit report.
However, I am giving both the thresholds for your reference.
The provisions for the financial years 2013-14 and 2014-15 in case of Tax Audits is as follows:
Where the threshold limit of total sales, turnover or gross receipts, specified (under section 44AB for getting accounts audited) is one crore rupees in the case of persons carrying on business and twenty five lakh rupees in the case of persons carrying on profession.
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards.
However, I am giving both the thresholds for your reference.
The provisions for the financial years 2013-14 and 2014-15 in case of Tax Audits is as follows:
Where the threshold limit of total sales, turnover or gross receipts, specified (under section 44AB for getting accounts audited) is one crore rupees in the case of persons carrying on business and twenty five lakh rupees in the case of persons carrying on profession.
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards.
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