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ARVIND (ACCOUNTANT)     17 April 2020

Income tax audit limit f. y 2019-20

is Income tax audit limit for individual


 11 Replies

RAJA P M

RAJA P M ("Do the Right Thing...!!!")     17 April 2020

As per sec 44AB :
For Business Rs 1cr...
For Professional Rs. 50 lakhs...
2 Like
Shivam RC

Shivam RC (Student)     17 April 2020

For FY 2019-20 :

As per the Provision of Section 44AB of the Income Tax Act 1961, TAX AUDIT OF ACCOUNTS is mandatory when :

Incase of BUSINESS : When your Turnover in Business exceeds Rs. 1 crore.

Incase of PROFESSION : When your Gross Receipts in Profession exceeds Rs. 50 lakhs.

For FY 2020-21 :

Section 44AB of the Income Tax Act 1961 was amended vide the Finance Act 2020. The limit of Tax Audit was increased to "Rs. 5 CRORE" in case of Business from Rs. 1 crore.
3 Like
ARVIND

ARVIND (ACCOUNTANT)     18 April 2020

Thank you sir
Shivam RC

Shivam RC (Student)     18 April 2020

You're always Welcome Sir...🙏
RAJA P M

RAJA P M ("Do the Right Thing...!!!")     18 April 2020

You are welcome dear
Neethi V. Kannanth

Neethi V. Kannanth (.)     18 January 2021

When does section 44AD and 44ADA apply?

Rajesh Nahar

Rajesh Nahar (NA)     22 January 2021

I think the new 5 Crore limit applicable from FY 19-20 (AY 20-21) itself. Pls verify once. 

Ayushi Arora

Ayushi Arora   15 February 2021

A taxpayer is required to have a tax audit carried out if the sales, turnover, or gross receipts of business exceed Rs 1 crore in the financial year. However, a taxpayer may be required to get their accounts audited in certain other circumstances. We have categorized the various circumstances in the tables mentioned below:

NOTE: The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) 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.

Rajeev Arora

Rajeev Arora   10 May 2021

Sir i heard from the FM in the budget  speech and you have verified, thanks

Rajeev Arora

Rajeev Arora   10 May 2021

how about the audit limit for AY 2022 23 ie FY 2021 22, Sir ?

Rajeev Arora

Rajeev Arora   10 May 2021

FY 2021 22 AUDIT LIMIT  PLEASE SIR?

DO I REMEMBER RIGHT THAT IT'S BEEN INCREASED TO 10 CR?


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