Tag: audit
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Who are all required to audit accounts of business or profession
Every person,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 carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees….
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Tax audit limits enhanced to 1 crore from 60 lakhs and to 25 lakhs from 15 lakhs
Section 44AB has amending from time to time (by increasing the audit limits) with a view to reduce the compliance burden of small business and professionals.From assessment year 2013-2014 onwards, any person carrying business having gross receipts, total turnover, total sales in the previous year exceeding Rs 1 crore (earlier 60 lakhs) has to get…