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)

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)

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)

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

RAJA P M

RAJA P M (Expert)

22 September 2023 Yes, The same date. No change

jaya

jaya (Querist)

22 September 2023 Thanx for prompt reply

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