For example
Cash receipts Rs 90000
Cash payments Rs 1,80,000
in this scenario how to I calculate and identify it doesn't exceed 5% of Tax audit limit????
plse I need workouts clarification
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5 of Tax audit Applicable
Replies (1)
To verify if you are within the 5% limit as queried in image_84c4e5.jpg, you must calculate your total cash receipts and total cash payments (including non-account payee cheques/drafts) and ensure each represents less than 5% of your total receipts and total payments for the year, respectively. If both conditions are met, your tax audit threshold is ₹10 crore; otherwise, it is ₹1 crore.
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