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Limit for audit

Others 215 views 2 replies

mandeep raikay

una

175 Points Posted on 16 September 2019

friends pls tell wath is the limit of tax audit

Replies (2)

ABHISHEK

Student

412 Points Posted on 17 September 2019

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

Shivam RC

Student

23693 Points Posted on 27 September 2019

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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