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  • Category: Tax Planning

    What is the Tax Audit Limit for FY 17-18?


    Have a query about the tax audit limit for this financial year? Looking out for detailed information and guidance on this page? Scroll here and get all the answers to your questions.

    What is the Tax Audit limit for the financial year 2017-2018? Is it 1 crore or 2 crore?
    Whether we can go for Tax Audit U/s 44 AB or we can file return u/s AD?
    Many assesses are having confusion between 1 crore or 2 crore. You can share your knowledge & guide in this matter. If you have any knowledge about circular from Tax Department, please quote here to remove the confusion about the tax audit limit.
  • Answers

    4 Answers found.
  • According to section 44AB, every person doing a business will come under tax audit purview if his total sales, turnover or gross receipts, as the case may be, in business exceed Rs.100 Lacs (Rs.60 Lacs up to A.Y. 2012-13) in any previous year.In case of a person carrying on a profession, the provisions are applicable if his gross receipts in profession exceed Rs.25 Lacs (Rs.15 Lacs up to A.Y. 201 2-1 3) in any previous year.

    drrao
    always confident

  • As per section 44AB of income tax if the total turnover in a particular financial year is more than 1 crore then it comes under the tax audit criterion.

    So, if the turnover during the financial year 2017-18 is more than 1 crore then during the assesment year 2018-19 the tax audit will be applicable. For professional income the limit is 50 lakhs only.

    The tax audit report has to be filed by the assesse online through a chartered accountant in the prescribed combination of formats 3CA, 3CB and 3CD as the case may be.

    Generally the last date for filing income tax return is 31st July and for filing tax audit report is 30th September during the assesment year.

    Knowledge is power.

  • As per Section 44AB of the Income Tax Act, if the total turnover of a business in a particular financial year is more than Rs.1,00,00,000/- then the business comes under tax audit preview. Earlier this limit was Rs.60,00,000/- (prior to 2012-13).

    The last date for filing income tax return is 31st July of the next year (generally speaking-it may change also). The time-limit for filing tax audit report is 30th September of the next financial year.

    Beware! I question everything and everybody.

  • As per existing provision of the Income - tax Act as reflected in section 44 AB, if the turn over of the business exceeds 1 crore in a given financial year, such earnings come under the purview of tax- audit.
    The tax audit - limit for the financial year 2017 - 2018 is to the extent of 2 crore
    The tax - audit limit has to be filled up on line in the month of September of the next year where as tax return due - date is July of the next year.


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