TAX AUDIT LIMIT FOR THE AY 20-21 & AY 21-22
This query is : Resolved
17 August 2020
Respected Sirs,
What is the tax audit limit for the Ay 20-21 & for the Ay 21-22 ?
tks in advance
What is the tax audit limit for the Ay 20-21 & for the Ay 21-22 ?
tks in advance
17 August 2020
Tax Audit Limit for A.Y. 2020-21
1. In case of Business: Turnover should exceed Rs. 1 crore.
2. In case of Profession: Turnover should exceed Rs. Fifty Lakhs.
However incase of Business, If cash receipts (include all type of receipts; revenue or capital both) does not exceed 5% of Total Receipts and Cash payments ( include all type of payments; revenue or capital both does not exceed 5% of Total Payments) then Tax audit will be applicable when turnover exceeds Rs. 5 Crores.
1. In case of Business: Turnover should exceed Rs. 1 crore.
2. In case of Profession: Turnover should exceed Rs. Fifty Lakhs.
However incase of Business, If cash receipts (include all type of receipts; revenue or capital both) does not exceed 5% of Total Receipts and Cash payments ( include all type of payments; revenue or capital both does not exceed 5% of Total Payments) then Tax audit will be applicable when turnover exceeds Rs. 5 Crores.
31 October 2021
In addition to above, for AY 2021-22; in case of Business, If cash receipts (include all type of receipts; revenue or capital both) does not exceed 5% of Total Receipts and Cash payments ( include all type of payments; revenue or capital both does not exceed 5% of Total Payments) then Tax audit will be applicable when turnover exceeds Rs. 10 Crores.
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