44ab audit issue

This discussion clarifies whether a business with a turnover of £4,996,000 and personal income of £100,000 is liable for a tax audit under the new £5 crore limit. The consensus is that no tax audit is applicable for AY 20-21 as the turnover is below the threshold. However, it's noted that specific conditions regarding cash receipts and payments must be met to qualify for this exemption.