Tax Audit limit for the AY 2023-24

The tax audit limit plays a crucial role for businesses and individuals. It refers to the threshold beyond which businesses are required to undergo a tax audit under the provisions of the Income Tax Act. For AY 2023-24, the tax audit limit stands at ?10 crore for businesses with turnover exceeding this amount. This limit is significant as it determines the compliance requirements and reporting standards for businesses, ensuring transparency and accuracy in tax assessments. Understanding and adhering to the tax audit limit is essential for businesses to maintain compliance and avoid penalties, ensuring smooth financial operations and regulatory adherence.