Menu
Audit related
in the budget govt announce for non audit if below 5 cr turnover for traders but my queries is receipt and payment of 5% cash treated separately or combine and it was implemented from FY 19-20 AY 20-21?
Replies (5)
Quick Summary
@ surinder
pls specify...
pls specify...
5% cash is for receipt and payment are combine or in seprearte head for non audit if turnovers below 5 cr which was announced in budget and from which FY it will effect
Your audit threshold limit will be 5 crs if during the f. y. your cash receipts is less than 5% of turnover and your cash payments is less than 5% of turnover . it's applicable from a y. 2021-22
It will applicable on below 2 cr turnover also
Ear Surendra,
Tax audit limit is 5cr for business persons if
1) aggregate payments in cash doesn't exceed 5% of total payments( cash +bank) . and
2)aggregate receipts in cash doesn't exceed 5% of total receipts(cash +bank)
it is applicable for A.Y 20-21 (I.e., This F.Y)
I hope you understand
Tax audit limit is 5cr for business persons if
1) aggregate payments in cash doesn't exceed 5% of total payments( cash +bank) . and
2)aggregate receipts in cash doesn't exceed 5% of total receipts(cash +bank)
it is applicable for A.Y 20-21 (I.e., This F.Y)
I hope you understand
Recent Topics :
- CA Fees deduction for non audit case allowed?
- 5th Letter PAN Mismatch with Surname issues still
- Criteria to hire an article
- Guidence requested for a Finance Professional with
- Expert Opinion Required – Form 140 Gross Amo
- WRONG TAX DEMAND - formal responses , rectificatio
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
Related Topics :
CAclubindia
