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Applicability of Sec. 44AB
what is the turnover limit for the account to be audited under sec. 44AB i. e.., tax audit
Replies (10)
2cr
Tax Audit Limit – Section 44AB. Under section 44AB, a compulsory tax audit is required to be completed by a Chartered Accountant if a business has total sales turnover or over Rs.1 crore
ya sorry it is 1 cr
my sales is 1.05crores than i estimated my income @ 8% on gross sales or not u/s 44ad
if your are doing business turnover limit is more than 1 Crore
if your are doing profession turnover limit is more than 50 lakhs
if your are doing profession turnover limit is more than 50 lakhs
@ Prudhvi you can't opt the benefits of section 44AB
#RatAnu That means can i opt sec 44AD?
yes you can opt for Sec 44AD if you offer at least 8% turnover as your income
#Varma Thank you
your welcome Prudhvi
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