09 July 2020
Tax audit limit for Business:
5crores if cash receipts & payments doesn't exceed 5%
1crore limit if cash receipts exceeds 5%
Tax Audit limit for Profession:
50lakhs
Presumptive taxation:
Tax audit applicable if the net profit is less than 8%/6% or 50% of the turnover
Other:
One can voluntarily get audited for few benefits of audit
09 July 2020
CA Students, CA Members,CMA Students /Members and other commerce Professionals get a chance to win prize money upto 1lakh.
check this
https://youtu.be/iLKbSrD6Ym8
09 August 2020
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.
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