Question ID :
Tax audit ceiling limit clarification
"The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the "specified number of tax audit assignments".
FOR THIS PURPOSE WHAT IS THE TURNOVER LIMIT FOR TAKEN AUDIT U/S 44AD upto 2 CRORE OR 1 CRORE ?
Last yr turnover 80lac opt for 44AD but current year turnover 1.6cr opt out 44AD and net income exceed minimum amount chargeble to tax.
Please clarify that under which section audit will be done 44AB(a) or (e) for current year and it will counted under our Audit limit of 60?
Oct 1 2023 12:00AM