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
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.
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