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Limit for audit

mandeep raikay (una) (175 Points)

16 September 2019

friends pls tell wath is the limit of tax audit

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ABHISHEK (Student) (412 Points)
Replied 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) (23683 Points)
Replied 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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