Hi,
what is limit of tax audit under 44AB and for which assessment year change the tax audit change i.e. 2 cr. from 1 cr.
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section 44AB
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For AY17-18 tax audit to be done if turnover exceeds Rs1 Cr u/s 44AB
1 cr..
1 cr.
tax audit is required, in case of business, if the the turnover exceeds 1 crore .
However there was a circular issued that in case assesse is opting sec 44 AD the tax audit is required only if the turnover exceeds 2 crore.
However there was a circular issued that in case assesse is opting sec 44 AD the tax audit is required only if the turnover exceeds 2 crore.
you can google press release dated 20/06/2016 for sec 44AD
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