Limitbfor tax audit

NICSON JOHN (513 Points)

23 July 2022

what is the limi for tax audit.?my firm has turnover 1.8cr...can i file return as loss..? pls reply thanks in advance

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5 Replies

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 23 July 2022

Tax Audit Limit is 1 crore for business and 50Lakhs for professional..

But loss should be audited irrespective of turnover

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CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 23 July 2022

In case 5% of all transactions are in mode other than cash then limit is 10000000

3 Like

NICSON JOHN (513 Points)
Replied 24 July 2022

If i declare profit less than 5%?

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CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 26 July 2022

5% is not profit it's number of transactions

1 Like

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 26 July 2022

Take the help of professionals like CAs. They may guide you.

Better to go for Audit voluntarily to get the benefits of audited FS

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