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
Menu
44ab audit issue
Replies (6)
Quick Summary
No tax audit is not applicable for ay 20-21 as it is not exceeded 5 crores rupees
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
Yeah but his turnover is less than 50 lacs
Yes but both situation must b fullfill
Yes, but as per his query tax audit is not applicable for him by fulfilling both the conditions
Many thanks to all.
Recent Topics :
- Difference between AIS and 26AS data.
- Applicability of FCRA to Article Processing Fees (
- GST Return
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
Related Topics :
CAclubindia
