What is Audit limit in Income tax 2 crore or 5 crore
and audit last date
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AUDIT FOR A.Y.2020-21
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Tax Audit is applicable in following cases :
Person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn't exceeds Rs. 2 crores.
Note: w.e.f. Assessment Year 2020-21, the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 5 crore in case when cash receipt and payment made during the year does not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of the business transactions should be done through banking channels.
• A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs, than tax audit is applicable
Audit last date for A.Y 2020-21 is 31st October, 2020
Person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn't exceeds Rs. 2 crores.
Note: w.e.f. Assessment Year 2020-21, the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 5 crore in case when cash receipt and payment made during the year does not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of the business transactions should be done through banking channels.
• A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs, than tax audit is applicable
Audit last date for A.Y 2020-21 is 31st October, 2020
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