Income tax audit limit f. y 2019-20

As per sec 44AB :
For Business Rs 1cr...
For Professional Rs. 50 lakhs...

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.

Thank you sir

You're always Welcome Sir...🙏

You are welcome dear

When does section 44AD and 44ADA apply?

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

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.

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

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

FY 2021 22 AUDIT LIMIT  PLEASE SIR?

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