TAX AUDIT

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This discussion clarifies TDS provisions for the financial year 2019-20. If your turnover exceeded 1 crore in the previous financial year, TDS provisions are applicable, regardless of cash receipt or expenditure percentages. The 5% cash receipt and expenditure conditions only came into effect from FY 2020-21. The Rs 1 crore turnover limit for tax audit purposes, however, was applicable from FY 2019-20.

arvind r shah

arvind r shah (Querist)
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11 May 2020 My t/o gross receipt less than5 crs, conditions of cash receipt 5% & cashexp 5% satisfied. Whether TDS provisions are applicable if t/o /gross recpt are more than 1 cr in previous f.y.? Fy in question is 19-20.

kamal p keswani

kamal p keswani (Expert)
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11 May 2020 Tds is applicable if turnover is more than 1 crore in previous financial year. Condition of 5% of cash exp and receipt starts from fy 20-21 and not fy 19-20.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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12 May 2020 If your turnover exceeds Rs 1 crore in FY 19-20 then u are liable to deduct tax in FY 2020-21. Limit of 5 crore applicable for Tax Audit purposes from FY 19-20 itself.
CA Manoj Gupta
Jodhpur
982810543

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