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Limit for audit


mandeep raikay (una)     16 September 2019

mandeep raikay
una 
 2 likes  164 points

| My Other Post

friends pls tell wath is the limit of tax audit

avater

ABHISHEK (Student)     17 September 2019

ABHISHEK
Student 
 5 likes  344 points

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Normal Law
Tax Audit Limit for business 1 crore
for profession 50 Lakh

Specific
44AD benefit is available upto 2 crore limit, no audit required if 8% profit declared for business

avater

Shivam RC (Student)     27 September 2019

Shivam RC
Student 
 2195 likes  17449 points

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Agree with Abhishek...

If your Turnover in Business exceeds Rs. 1 crore or Gross Receipts in Profession exceeds Rs. 50 lakhs, then you have to comply with the Provision of Section 44AB of the Income Tax Act 1961 ( TAX AUDIT ).

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