Advanced Questions

1:

For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds

A.

Rs. 50 lakhs

B.

Rs. 40 lakhs

C.

Rs.10 lakhs

D.

None of the above

 

Answer : A

Explanation :

The tax audit limit for professionals is Rs 50 lakhs from FY 2016-17 onwards.

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Option: A

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