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tax audit limit

prashant Kumar Singh (student) (246 Points)

20 June 2019

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

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Rohit Gala (student) (203 Points)
Replied 20 June 2019

For sec. 44AD >2 Cr.

Under sec 44AB

Business... >1Cr.

Profession ... >50 lakhs

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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.