Tax audit limit for FY 2020-21
This query is : Resolved
08 July 2020
Dear Sir/Mam,
I want to know what is the tax audit limit incase of those who are in Business and those in Profession for this financial year FY 2020-21.
Regards,
Divyesh Jain
I want to know what is the tax audit limit incase of those who are in Business and those in Profession for this financial year FY 2020-21.
Regards,
Divyesh Jain
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
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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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