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Regarding Tax Audit
Tax Audit Limit in 2019-20 ?
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Total sales or turnover or gross receipts exceed Rs 1 crore in the FY. (Non presumptive cases ) For professionals the limit is Rs 50 Lakhs.
44AB Tax Audit limit for FY 2019-2020
-A person carrying on business, if his total sales, turnover or gross receipts exceed Rs. 1 crore.
This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesnot excceeds Rs. 2 crores.
A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
-A person carrying on business, if his total sales, turnover or gross receipts exceed Rs. 1 crore.
This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesnot excceeds Rs. 2 crores.
A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
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