Income tax audit limit

For financial year 2019-20 what is Income tax audit for turnover limit and minimum net profit limit for traders and professionals ??
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Quick Summary
For the financial year 2019-20, the income tax audit threshold for businesses is generally £1 crore, increasing to £5 crore if cash transactions are 5% or less of total receipts and payments. For professionals, the gross receipts limit for an audit is £5 lakh. A net profit limit applies if you're filing under a presumptive taxation scheme; showing a profit below the prescribed minimum will trigger an audit requirement.

1...Tax audit applicable for person carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds one crore rupees.

if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments, than this limit is 5 Crores.

2.. if carrying on profession than if his gross receipts in profession exceed fifty lakh rupees.
Turnover for business is 5 crore with condition that cash receipts and payment should not be more than 5% of total receipts and payments. for professional turnover is 50 lacs....
Any net profit limit sir?? like minimum 8%
If you filed return under presumptive Taxation scheme.(i.e u/s 44AD/44ADA/44AE ect.) than there is a minimum profit criteria, if you are showing profit less than that..than you are required to get your account audited u/s 44AB

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