tax audit limit



what is the tax audit limit for financial year 2018-19
 
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For sec. 44AD >2 Cr.

Under sec 44AB

Business... >1Cr.

Profession ... >50 lakhs


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BUSINESS DEVELOPMENT MANAGER

Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view.

Business

Rs. 1 Crore. It means an assessee need to be audited under Sec.44AB if his annual gross turnover/receipts in business exceeds Rs. 1 Crore. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18) & on wards. It means the limit of Tax Audit u/s 44AB is Rs. 1 Cr. for Business in FY 2018-19 / AY 2019-20.

Profession:

Rs. 50 Lakh. It means an assessee need to be audited under Sec 44AB if his annual gross receipts in profession exceeds Rs. 50 Lakh. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18) & onwards. It means the limit of Tax Audit u/s 44AB is Rs. 50 Lakh for Profession in FY 2018-19 / AY 2019-20.

 

 
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