Topic Discuss in the Video

Tax Audit Limit for AY 23-24

When Tax Audit is Required
Budget 2023 Update for AY 24-25
Tax Audit and ITR Filing Due Dates
 Tax Audit Limit AY 23-24
Turnover Limit
Normal Tax Audit Limit - 1 Cr then then its increase
10 Cr from April 2021
So Right Now its same - 10Cr Turnover with Conditions
Digital Transcations more than 95%
if not than 1Cr Limit.

Professional - if Turnover Exceed - 50 lAKH

 Profit Based Limit

Business - 44AD - Presemtive Basis Income [No Books of

Account Maintain + Showing 6% or 8% Min Profit in ITR-4]
a) Profit Declear of any previous year u/s 44AD+
b) Delare Profit below limit [less than 6-8%] in any year for next
5 year term.

Professional - 44ADA [ Less than 50%]

 Budget 2023 Update
AY 24-25
44AD - Preivously business can opt 44AD only if having
turnover up to 2Cr. Now this Limit Increase up to 3Cr

44ADA - Previously business can opt 44ADA only if having

gross receipt up to 50 lakh. Now its limit 75 lakh

the Only Condition you have more than 95% Digital

Transcation.
F&O Losses or Business Loss
Same Audit Limit is Applicable which is
mentioned Above.
But if have large f&o losses then you can do
voluntry basis Audit from CA
or else prepare proper Financial Statement to
file ITR-3 without Audit.
Due Dates of Audit