Tax Audit Limit/threshold

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For the financial year 2022-23, the general tax audit limit for companies is Rs. 1 crore turnover or sales. However, this threshold increases to Rs. 10 crores if cash transactions are less than 5% of the total turnover. The deadline for filing remains 30th September 2023.

jaya

jaya (Querist)
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21 September 2023 Hi,

can anybody pls tell what is the limit for Tax Audit for FY 22-23 in case of companies??

RAJA P M

RAJA P M (Expert)
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21 September 2023 As per sec 44ab it's one crore... A business person whose gross receipts/turnover/sales for the previous financial year is more than Rs. 1 crore. The Tax audit limit for AY 2023-24 is Rs. 1 crore for businesses with more than 5% cash transaction and Rs. 10 crores for businesses with less than 5% cash transaction.

jaya

jaya (Querist)
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22 September 2023 thank you..llast date of filing remains the same i.e. 30.9.23?

RAJA P M

RAJA P M (Expert)
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22 September 2023 Yes, The same date. No change

jaya

jaya (Querist)
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22 September 2023 Thanx for prompt reply

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