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For Tax Audit the specified limit given under Income Tax Act, 1961 for a person carrying on business shall be:
1,00,00,000
15,00,000
5,00,00,000
50,00,000
A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1,00,00,000 in the financial year
By: Parvesh Mehta ProfileResourcesReport error
Divya Singh
what will be the right answer
updated kindly check
Harish Bansal
Not anyone correct option. In my opinion correct value would be one crore
kritika gupta
it is 1 crore
it has been further ammended for A.Y 2021-22 TO 5 Crores 2021-22. However, the increased threshold limit of Rs. 5 crore shall be applicable only when cash receipt and payment made during the year does not exceed 5% of total receipt or payment, as the case may be.
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