Limit for Tax Audit

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  1. Patel Kishan

    Patel Kishan New Member

    If i have income more tan basic limit i.e.Rs250000 then mandatory for tax audit or i can select presumtive taxation scheme.
     
  2. ZED

    ZED Well-Known Member

    Whats the nature of your income. Kindly give detailed information.
     
  3. nikhil9090

    nikhil9090 Member

    The format is tax audit in India if turnover above Rs. 50 lakhs/ 1 crore. An assessee is liable to get his tax audit done by a chartered accountant mandatorily, If in the previous year, The person is carrying on business and his total sales/turnover exceed Rs. 1 crore (Limit increased wef 1st april 2012) or.
     
  4. Patel Kishan

    Patel Kishan New Member

    if i not select presumtive taxation scheme and i have income more than Rs.250000 then i have mandatory for tax audit. if my income is PGBP
     
  5. ZED

    ZED Well-Known Member

    No, its not like that.

    If your turnover is over 1 crore (in case of business) then tax audit is required. Further if you had claimed presumptive tax in any previous year and claim profit of less than 8% of total turnover then also tax audit would be required.



    44AB. Every 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 25(prior to 1.4.16)/Fifty lakh rupees in any previous year; or

    (c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AE or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year; or

    (d) carrying on the businessshall, if the profits and gains from the businessare deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his businessand his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,

    (e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,

    get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed :
     
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