prashant Kumar Singh
(student)
(247 Points)
Rohit Gala
(student)
(208 Points)
Replied 20 June 2019
For sec. 44AD >2 Cr.
Under sec 44AB
Business... >1Cr.
Profession ... >50 lakhs
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 20 June 2019
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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