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91 Points Posted on 13 February 2020
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?
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On 13 February 2020 at 09:09 Report
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Profession Business
28207 Points Posted on 13 February 2020
@ surinder
pls specify...
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On 13 February 2020 at 10:23
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91 Points Posted on 13 February 2020
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
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On 13 February 2020 at 10:37
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12244 Points Posted on 13 February 2020
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
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On 13 February 2020 at 10:44
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91 Points Posted on 13 February 2020
It will applicable on below 2 cr turnover also
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On 13 February 2020 at 10:52
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student
178 Points Posted on 13 February 2020
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
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On 13 February 2020 at 12:13


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