audit limit

for retail and wholesale limit of Rs. 1 crore turnover is applicable

In both cases limit is 01 crore....

I think the limit is 2 crores if the assessee opts for 44ad

Audit is compulsory above Rs 1 crore but you can opt u/s 44AD upto 2 crore.....

Rashmi mam... I think I also said the same..

Yes.... audit is also required when you opt u/s 44AD & turnover exceeds 1 crore....

if you opt for 44AD then there's no question of auditing... could you please post the relevant provisions of the section in support of your statement mam?

Agree with you ramakrishnan...

As per CBDT Press release

"Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the total turnover or gross receipts of the relevant previous year does not exceed two crore rupees. The higher threshold for non-audit of accounts has been given only to assessees opting for presumptive taxation scheme under section 44AD."

thanks for clarification Rashmi mam

Welcome.......