If Tournov 36 lakhs to 75 lakhs
Tax Audit compulsory
ITR 4 file under 44ad
Limit of GST and income tax audit
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Regarding Tax Audit and Income Tax Return
Replies (4)
Income Tax Audit u/s 44AB of the Income Tax Act of 1961 is required if Turnover in Business exceeds Rs. 1 crore or Gross Receipts in Profession exceeds Rs. 50 lakhs.
However no Tax Audit is required if ITR filed under Presumptive Taxation Scheme u/s 44AD of the Income Tax Act 1961.
However no Tax Audit is required if ITR filed under Presumptive Taxation Scheme u/s 44AD of the Income Tax Act 1961.
•INCOME TAX AUDIT u/s 44AB :
1). For BUSINESS : When Turnover exceeds Rs. 1 crore.
2). For PROFESSION : When Gross Receipts exceeds Rs. 50 lakhs.
•GST AUDIT u/s 35(5) of the CGST Act 2017 read with Rule 80(3) of the CGST Rules 2017 :
When your "AGGREGATE TURNOVER exceeds Rs. 2 Crore".
1). For BUSINESS : When Turnover exceeds Rs. 1 crore.
2). For PROFESSION : When Gross Receipts exceeds Rs. 50 lakhs.
•GST AUDIT u/s 35(5) of the CGST Act 2017 read with Rule 80(3) of the CGST Rules 2017 :
When your "AGGREGATE TURNOVER exceeds Rs. 2 Crore".
@ Mr Prakash Chandra.,
Tax audit not applicable if turn over less than 1cr...
Tax audit not applicable if turn over less than 1cr...
Since you have opted for PRESUMPTIVE TAXATION SCHEME, Tax Audit u/s 44AB of the Income Tax Act 1961 is not applicable even if your Turnover exceeds Rs. 1 crore, provided that it does not exceeds Rs. 2 crore.
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