Tax Audit Limit AY 2023-24 I Income Tax Audit Limit AY 2023-24
Tax Audit Limit in Case of Business
Following person are required to do Compulsory Audit of books of accounts (Subject to certain conditions and circumstances)
1) If total sales, turnover or gross receipts exceeds Rs. 1 Crore in any previous year, in case of business; or
Note:
a) Provided that this section is not applicable to the person, who opts for presumptive taxation Scheme under Section 44AD and his total sales or turnover does not exceed Rs 2 crores.
b) Threshold limit of Rs. 1 crore shall be increased to Rs. 10 crore in case where the cash receipt and payment made during the year does not exceed 5% of total receipt or payment the business
Tax Audit Limit in Case of Profession
If gross receipts exceeds Rs. 50 Lakhs in any previous year the person is required to do Compulsory Audit of books of accounts (Subject to certain conditions and circumstances)
Tax Audit if Lower Profit declared
- Persons covered under Sections 44AD, 44AE, 44AF, 44BB and 44BBB who declared lower profits from business than estimated.