proprietor has turnover of 4996000 from business and personal income of 1 lakh. will he be liable to tax audit as per new 5 crore limit.
thank you
6 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 28 December 2020
No tax audit is not applicable for ay 20-21 as it is not exceeded 5 crores rupees
Arjun Verma
(133 Points)
Replied 28 December 2020
Mr sorav, only if the taxpayer's cash receipts are limited to 5% of the gross receipts or turnover and if the taxpayer's cash payments are limited to 5% of the aggregate payments
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 28 December 2020
Yeah but his turnover is less than 50 lacs
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 28 December 2020
Yes, but as per his query tax audit is not applicable for him by fulfilling both the conditions
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