Tax Audit for Printing Services
Sure, there is a threshold limit of tax audit for printing services. Under Section 44AB of the Income Tax Act, 1961, a person carrying on the business of printing is require to get his books of account audited if the gross receipts of the business exceed Rs. 1 crore in a financial year.
However, there are some exceptions to this rule. For example, a person who is eligible to claim the benefits of presumptive taxation under Section 44AD of the Income Tax Act is not require to get his books of account audit even if the gross receipts of his business exceed Rs. 1 crore.
The threshold limit of Rs. 1 crore is applicable to the aggregate gross receipts of the business of printing. This means that if a person carries on more than one business of printing, the aggregate gross receipts of all the businesses will be consider for the purpose of determining whether the tax audit is mandatory.
For more information visit this site: https://www.incometax.gov.in
The tax audit should be conduct by a practicing chartered accountant and the report should be submit to the Income Tax Department within six months from the end of the financial year.
