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Limitbfor tax audit
what is the limi for tax audit.?my firm has turnover 1.8cr...can i file return as loss..? pls reply thanks in advance
Replies (5)
Tax Audit Limit is 1 crore for business and 50Lakhs for professional..
But loss should be audited irrespective of turnover
But loss should be audited irrespective of turnover
In case 5% of all transactions are in mode other than cash then limit is 10000000
If i declare profit less than 5%?
5% is not profit it's number of transactions
Take the help of professionals like CAs. They may guide you.
Better to go for Audit voluntarily to get the benefits of audited FS
Better to go for Audit voluntarily to get the benefits of audited FS
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