Dear Tax Experts,
I have a query relating to the tax audit compliance of an assessee who has to get its accounts audited under the income tax law
I have a query that what is the ceiling limit of turnover for tax audit audit compliance ...and what are the eligible conditions ..for my accounts to be audited u/s 44ad..if my turnover is upto 1 cr or if my turnover is less than 2 crore but more than 1 crore
pls reply
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Tax Audit Compliance
Replies (6)
Dear Anmol
For the AY 2017-18 tax audit limit is 1cr so u have to get tax audit done
For the AY 2017-18 tax audit limit is 1cr so u have to get tax audit done
For section 44AD tax audit is required if turnover exceeds 2 crore. Otherwise the turnover limit is Rs. 1.0 crore for compulsory tax audit
thankyou very much for your replies
so the conclusion is that if my turnover exceeds 1 crore but less than 2 crore i will be eligible for tax audit..if i am not computing my income u/s 44ad... and if my turnover exceeds 2 crore..i have to get my accounts audit compulsory
please correct me if i am wrong
so the conclusion is that if my turnover exceeds 1 crore but less than 2 crore i will be eligible for tax audit..if i am not computing my income u/s 44ad... and if my turnover exceeds 2 crore..i have to get my accounts audit compulsory
please correct me if i am wrong
your understanding is correct
For detail information Please see sec 44ab of income tax act 1961
Tax audit is compulsory in two cases
1.when turnover execcds by limit
2.when u are showing less income then prescribed limit
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