Tax audit limit for FY 2022-23

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For the financial year 2022-23, the turnover limit for a tax audit in India has been raised to Rs 10 crores. This higher threshold applies if cash transactions (receipts and payments) do not exceed 5% of the total transactions for the year. Otherwise, the standard limit of Rs 1 crore for businesses remains in effect.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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20 September 2023 What is the turnover limit for Tax audit for FY 2022-23 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 September 2023 The threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 10 crores in case when cash receipt and payment made during the year do not exceed 5% of total receipt or payment, as the case may be.