What is Limit of Tax Audit In the Financial Year 12-13 & Assessment Year 13-14 as per Section 44AB & 44AD of Income Tax Act 1961

What is Limit of Tax Audit In the Financial Year 12-13 & Assessment Year 13-14  as per Section 44AB & 44AD of Income Tax Act 1961

Related Amendment :-

              As per section 44AB, In Case of  Business is required to Audit there Financial Statement if Total Sales, Turnover or Gross receipt in the Financial  year 12-13  exceeds Rs 1 Cr.

                                                 In Case of Profession is required to Audit there Financial  Statement  if total gross receipt exceeds 25  Lakh..

  Related Section 44 AD:   An  Assessee  carrying on a Business other then the plying, Hiring or Leasing goods carriages referred to in section 44AE & Whose Turnover or Gross receipt in the previous Year does Not  exceeds  Rs 1 Cr. can declare a sum of 8% of the total turnover or Gross receipt (In Both Case Business & Profession) a sum of 8% is deemed as Gross total income for the head of Profit & Gains From Business & Profession (P.G.B.P). it means  benefit of Section 30 to Section 38 can not taken by assessee.