New Tax Audit Limit for A.Y. 2024-25 | For Businessmen & Professionals 2024#incometax#tax#audit

The income tax audit limit for the fiscal year 2023-2024 (AY 2024-25) in India depends on the type of taxpayer
1 For businesses opting for presumptive taxation under Section 44AD:
The audit is mandatory if the total turnover exceeds ₹2 crore.
If the turnover is less than ₹2 crore, no audit is required, provided 6% or 8% of the turnover is declared as profit.

For businesses not opting for presumptive taxation:
The audit is required if the total turnover exceeds ₹1 crore.

2. For professionals under Section 44ADA:
The audit is mandatory if the gross receipts from profession exceed Rs. 75 Lakhs

3. When we opt out 44AD then it will compulsory to have audit our books for next 5 years so is this means total 6 years audit (including year of opt out 44AD)
OR
It's total 5 years (including opt out year)

Income Tax Audit is mandatory for Businessman and Profession if they exceed the limits as per section 44AB and these limits are varied according to Business Transactions, many taxpayers are confused about various tax audit limits like 1 Core, 2 Crore, 3 Crore, 5 Crore or 10 Crore which is discussed in this video

This video's Title is- ये है सारे नए Income Tax AUDIT Limit changes AY 2024-25 | Business Audit 2024
Hi, this is CA/CMA Deepika Jain here
Watch this video now and learn
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Here’s what you’ll learn and the Topics covered in this Video:-
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Watch this full video to understand and don't skip any part.
We hope this video is helpful. If you have any questions, please leave them in the comments below
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