If a company having turnover less than 1 cr but having cash receipt or cash payment more than 5% is company liable to gets their books of account audited under income tax act.
what if assessee is individual and turnover is less than 2 cr and delclared 6% or 8% and having cash receipt or cash payment more than 5%.
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Applicability of tax audit for FY 2020-21
Replies (9)
Are You mean Company as pvt Ltd...?!
Does it make any difference
Generally known somebody ask Company also include Proprietor, Partnership without meaning of Company...
So, I ask that understand You ask Company...
So, I ask that understand You ask Company...
The 6% / 8% concept applicable only to sec 44ad of income tax. And it's applicable based in business and Assessee's applicability. So, ask with details. Better to refer sec 44ad and 44ab...
Company means company incorporated under companies act 2013 or any act in force
Well...
The percentage applicable as per my above 3rd reply...
If it's okay then Other than Cash receipts can be calculate 6% and Cash receipt can be calculate 8%...
Note : If Your concern is Company then Audit applicable as per companies act.
The percentage applicable as per my above 3rd reply...
If it's okay then Other than Cash receipts can be calculate 6% and Cash receipt can be calculate 8%...
Note : If Your concern is Company then Audit applicable as per companies act.
What about individual
Also same as above except CA audit.
Regarding the 5% gross receipts in Cash mode, is it applicable even for ecommerce businesses accepting COD payments from customers in cash but receiving it in electronic form in their bank account through the Courier partners?
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