Menu
Audit criteria
I WANT TO KNOW THAT WHY AUDIT IS COMPOULSARY AFTER 60 LAKH LAKH SALE, WHY IT IS NOT NESSASARY TO DO AUDIT AFTER 15-20-25 LAKH SALE
PLS REVERT
Replies (1)
The limit of Rs. 60 lacs that you have mentioned is applicable to Tax Audit under Section 44AB of Income Tax Act and not audit under the Companies Act, 1956, which is applicable to all companies irrespective of turnover. PLEASE NOTE, THIS LIMIT U/S 44AB IS NOW INCREASED TO RS. 1 CRORE for business entities and Rs. 25 lacs for entities carrying out professions.
The limit of Rs. 60 lacs was earlier Rs. 40 lacs for business entities and Rs. 10 lacs for professionals. The purpose of specifying these limits is not to burden small business entities and professionals with more regulatory requirements, which are meant for large entities.
Recent Threads
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
- Purchase of business
- Refund of ITC for advance paid to overseas supplie
- Clubbing query (when gifts given to multiple fami
- Transfer Pricing Audit Upload Form 3CEB - Income T
- Only a Few Pages Indexed by Google Despite Sitemap
Related Threads
CAclubindia
