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tax audit limit


prashant Kumar Singh (student)     20 June 2019

prashant Kumar Singh
student 
 7 likes  214 points

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what is the tax audit limit for financial year 2018-19

avater

Rohit Gala (student)     20 June 2019

Rohit Gala
student 
 23 likes  163 points

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For sec. 44AD >2 Cr.

Under sec 44AB

Business... >1Cr.

Profession ... >50 lakhs

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debora M (BUSINESS DEVELOPMENT MANAGER)     20 June 2019

debora M
BUSINESS DEVELOPMENT MANAGER 
 24 likes  638 points

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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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