Tax audit limit for ca
- when tax audit is compulsory
- when tax audit is compulsory for individual
- when tax audit is compulsory for proprietorship
- when tax audit is compulsory for partnership firm
Tax audit limit for fy 22-23
Section 44ab of income tax act...
Tax Audit is a term commonly used for a mandatory audit under section 44AB of the Income Tax Act. Tax audit is the audit of books of accounts of an assessee engaged in the business or profession.
The tax audit is required if gross turnover or receipts from a business or profession exceeds the prescribed threshold limit. A Chartered Accountant who is in practice can conduct the tax audit.
Who has to get books of accounts audited?
An assessee shall get the books of accounts audited if its gross turnover or receipts during the relevant previous year exceeds the prescribed threshold limit.
If the threshold limit, as specified in the below table, is not crossed, the assessee shall not be required to get the books of accounts audited.
The following persons are compulsorily required to get their books of account audited by a Chartered Accountant:
| Nature of Business or Profession | Category of Taxpayer | When is audit mandatory? |
| Any professions (specified or non-specified) | Any | If gross receipts from the profession during the relevant previous year exceeds Rs.
50
|