As per the new rule...
Audit is not required for Turnover <5Cr in FY 2020-21 & <10Cr in FY 2021-22 if
1. Cash Payment <5% of Total Payments
2. Cash Receipts <5% of Total Receipts
My query is...Is Audit required if only Cash Payments exceed the 5% limit of total Payments?
Please help.
Does the Payment for the calculation of 5% include
1. Remuneration/ Interest / Profit to Partners (transferred to capital a/c)
2. Depreciation
3. Bank Fixed Deposits of the firm.
4. Expenses made by Partner on behalf of the firm (adjusted in capital a/c)
The Turnover is less than15 lac. In this case, is Tax Audit mandatory if Cash Payments exceed 5% of total payment. .
Does the Payment for the calculation of 5% include
1. Remuneration/ Interest / Profit to Partners (transferred to capital a/c)
2. Depreciation
3. Bank Fixed Deposits of the firm.
4. Expenses made by Partner on behalf of the firm (adjusted in capital a/c)
SMJ global advisors pvt ltd
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B.Com
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T R SOOD & CO
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CA Inter
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R P S K & Associates
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CAclubindia
