Limit for income tax audit

Every person – carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year

[Provided that in the case of a person whose—
(a) aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount; and

(b) aggregate of all payments made including amount incurred for expenditure, in cash,During the previous year does not exceed five per cent of the said payment, this clause shall have effect as if for the words “one crore rupees”, the words “ten crore rupees” had been substituted; or]

Due dates -
Audit report - 15th January 2021
Return filing in case of Audit - 15th February 2021
Personal returns - 31st December 2021

No audit applicable up to a turnover of ₹10cr if cash transactions are limited to 5%. If cash transactions are >5% then audit is applicable if turnover is >₹1cr if not opted for 44ad.

For due dates, substitute 2022 (instead of Jan and Feb 2021 above).

 

Sorry, instead of 2021 read 2022 in my above answer. Just a typing mistake

Agree with poornima ji

Yes.....

Yes...

I know

I also known