TAX AUDIT LIMIT FOR FY 2021-22

This query is : Resolved 
Quick Summary
For the Financial Year 2021-22, if your total turnover is less than 1 Crore, a tax audit is generally not mandatory. This holds true even if your cash payments or receipts exceed 5% of your total transactions, provided you haven't opted for presumptive taxation under Section 44AD in prior years.

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(Querist)
17 September 2022 Dear All

My turnover is less than 1 Crore and my profit is less than 8% of turnover.

I have not opted for presumtive taxation u/s 44AD in any of previous years.

But my cash payment/receipt exceeds 5% of total receipts and payments respectively.

Please guide whether in this situation tax audit is mandatory?

Thanks
Nirmal
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 September 2022 As TO is less than 1 Cr, tax audit liability doesn't exist.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 September 2022 In this case tax audit is not required.
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NIRMAL DAVE

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NIRMAL DAVE (Querist)
17 September 2022 Thank You both the experts for your valuable guidance.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
18 September 2022 Most welcome ..
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