Tax audit

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This discussion clarifies that the increased tax audit limit, from 1 crore to 5 crores, is effective from 1st April 2020 onwards. It is not retrospective. The change applies from Financial Year 2020-21, provided that cash receipts and payments do not exceed 5% of the total receipts and payments respectively during the previous year.

jagdish ahuja

jagdish ahuja (Querist)
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29 February 2020 The tax audit limit from 1 crore to five crores is effective from 1st April 2020 or retrospectively from April 2019 pls clarify thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 February 2020 w.e.f. 01 - 04 - 2020 and onwards.

CA Mayur Todmal

CA Mayur Todmal (Expert)
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29 February 2020 Audits from FY 2020-21

Eswar Reddy S

Eswar Reddy S (Expert)
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29 February 2020 Budget 2020 wide FA-2020 Applicable from FY-2020-21. It's prospectively and not retrospectively

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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25 May 2020 It is applicable from F.Y. 2020-21 with below conditions: (i) aggregate of all receipts in cash during the previous year does not exceed five per cent of such receipt; and (ii) aggregate of all payments in cash during the previous year does not exceed five per cent of such payment.

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