What is the Limit For Audit of Books Of Account

Limit for audit of books of account of Business or Profession

Section 44AB states that. 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 twenty-five lakh rupees in any previous year; or

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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