Turnover limit
Querist : Anonymous
Is it 1 Crore?
I'm just confused as IT companies are professionals, and the limit for professionals is 25 Lac.
So, which limit will be applicable on an IT company 25 Lac or 1 Crore?
Citation:- ITO Vs. Ashalok Nursing Home P Ltd [2006] 156 Taxman 86(Man-Tri).
Hence threshold limit is Rs. 1 Crore for tax audit.
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SO Even though company engaged in providing professional services we need to consider rs.1 crore for tax audit limit..
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Thanks to all
Querist : Anonymous
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