Tax Audit 44AB Return

Income Tax Audit Limit for Businesses & Professionals

Audit for Businesses

〉 Turnover limit for businesses which can opt for presumptive income scheme has been increased from Rs 1 crore to Rs 2 crore.
〉 For other businesses who do not opt for presumptive income scheme, audit limit will remain Rs 1 crore.There has     been no change in the audit limit for businesses who are not opting for presumptive income scheme.

Audit for Professionals

〉 The tax audit limit for professionals is Rs 50 lakhs from FY 2016-17 onwards.