For a proprietorship business, employing 15 people, building software as per client requirement, what is the limit for getting Tax audit done?
All transactions are digital.
Can someone please guide me?
Thanks in advance.
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Tax Audit limit for Proprietorship Business
Replies (4)
Above 10 crore turnover audit is required
Thank you Sir,
However I am being told, that software development is a Profession, and it is a proprietorship firm, so the limit of 50 Lakh of Professionals will be applicable for Tax Audit. Is that right? or it should be 10 crores only.
Yaa it is right, in case of profession limit is 50 lakhs and software development is a profession
Software development is a profession and hence U/s 44AB(b) if gross receipts exceeds Rs 50 lacs during the year, tax audit would be mandatory.
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