Does limit of 5 crore turnover where
receipt / expenses less than 5% of total turnover apply for this assessment year ie 20-21 relevant to previous year 19-20
Yes, it's applicable for F.Y 2019-20 (i.e A.Y 2020-21)
But this limit is relating to audit under section 44AB, it's not relating to 44AD presumptive Taxation.
For 44AD, limit is only Rs. 2 Crore as earlier.
CAclubindia
