RAJA P M ("Do the Right Thing...!!!") 17 April 2020
Shivam RC (Student) 17 April 2020
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 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 10 May 2021
FY 2021 22 AUDIT LIMIT PLEASE SIR?
DO I REMEMBER RIGHT THAT IT'S BEEN INCREASED TO 10 CR?