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Tax Audit for pvt. ltd. company
Is tax audit compulsory for Private Limited Company????
Replies (2)
No only if turnover is more than 2 crores
Tax Audit for a Private limited company is required only if the turnover is more than 1crore as per Sec 44AB of Income tax Act. The benefit of presumptive taxation as per Sec 44AD (i.e turnover limit of Rs 2crores) is available only to an individual, HUF and partnership firm (excluding LLP), who is a resident.
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