Audit Limit for FY 19-20

Rajesh Nahar (NA) (79 Points)

21 January 2021  

There is some confusion regarding the new 5 Crore limit for Audit. Is it applicable from FY 20-21 or FY-19-20 ? My turnover is below 5 crores and its a proprietorship firm. Am I liable for Audit and also liable to deduct TDS?