Income tax audit limit

As of now the limit is of 60lacs for busiess & 15 lacs for profession.  no oter limit is there.

Yes. I agree with Giridhar

Hi all,

Can anyone tell me wat is the limit for marketing expense in tax audit?

regards

renuka

No limit is specified  However if the cae comes for scrutiny the AO may make a query against the expenditure incurred & you will satisfy about the genuiness of the expenditure

Thanks Giridhar.. Also can you tell me when the fixed assets is purchased below Rs 5000. Whether it treated as fixed assets . If yes, we need to provide 100% depreciation for that ?

Please clarify it.

regards

renuka

yes under the co's act itshould be trated as an asset & it should be written off 100%.

Ok thanks sir.. then wat about the material of glass  articles , aluminium water bottle, Microwave oven and fridges comes under which category of fixed assets ?

regards

renuka..

Microwave & Fridge would come under the head Electrical Equipments.  Other articles specified wud not be assets. They shud be written off to P&L account under office expenses.

Hi all,

Please explain what is chart of accounts, which chart of accounts is used for software companies.

regards

renuka.

what is tax audit limit?

Tax Audit is an audit required to be conducted under hte Income-Tax Act if the turnover crosses the specified limit during the previous year.  Presently the limit from F.Y. 2012-13 is Rs 1Crore whihc means that if the turnover of the organization crosses the 1cr mark during the previous F.Y. then the assessee is requried to get it's books of accounts audited under the Income-Tax Act on or before 30th September of the Asst Year.