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Tax audit report

srivani (Article Assistant) (78 Points)

30 May 2017

Good Evening,

what is the monetary limit for business turnover and professional receipts for AY 2017-18 for filing tax audit report

Thanks in advance :)

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1448 Points)
Replied 30 May 2017

Business:- Rs. 2 Crores.

Professional:- Rs. 50 Lakhs.

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PALLAVI (Student CA Final ) (42 Points)
Replied 30 May 2017

Business turnover : 2 CR
Professional Receipts : 50 lacs

srivani (Article Assistant) (78 Points)
Replied 31 May 2017

hi,

But there is no change in the Income Tax Act regarding "Business turnover"

Audit of accounts of certain persons carrying on business or profession.

44AB. 32Every person,—

(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year ; or

(b) carrying on profession shall, if his gross receipts in profession exceed 33[fifty] lakh rupees in any previous year; or

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1448 Points)
Replied 31 May 2017

As per section 44AB, following persons are compulsorily required to get their accounts audited :

• A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who ops for presumptive taxation scheme under section 44AD and his total sales or turnover doesnot excceeds Rs. 2 crores.