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tax audit limit
would any one explain me about tax audit applicability for AY 2017-18.
Replies (1)
For businessmen not opting for presumptive income scheme, tax audit would be applicable if their turnover exceeds Rs.1 crore for the FY 2016-17 and for professionals not opting for presumptive income scheme, it will be applicable if their receipts exceed Rs.50 lacs. From FY2017-17 i.e. AY2017-18, benefits of presumptive scheme can be taken by businesses having turnover upto Rs.2 crore and by professionals having gross receipts upto Rs.50 lacs.
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