Applicability of tax audit
This query is : Resolved
20 November 2020
My turnover for FY 2019-20 is Rs. 85,00,000/- and profit is below 6% of turnover, whether tax audit is applicable ??
28 December 2020
I think it is not required. .....: The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) if the taxpayer's cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer's cash payments are limited to 5% of the aggregate payments.
https://cleartax.in/s/tax-audit-section-44ab
https://cleartax.in/s/tax-audit-section-44ab
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