TAX AUDIT LIMIT FOR THE AY 20-21 & AY 21-22

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TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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17 August 2020 Respected Sirs,

What is the tax audit limit for the Ay 20-21 & for the Ay 21-22 ?

tks in advance

CA KARAN SINGH

CA KARAN SINGH (Expert)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.