Tax Audit Limit For Ay 2024-25

Tax Audit Limit For Ay 2024-25. A tax audit is required for certain businesses and professionals whose income or turnover exceeds specified limits under the income tax act. Total gross receipts exceed rs.50 lakh in the fy.

The purpose of a tax audit under section 44ab is to aid the assessing officer in accurately determining the total income of an assessee according to the provisions of the act. Who is required to conduct a tax audit and submit the report by september 30, 2024.