Limit for income tax audit
Allauddin Patel (Accountant ) (112 Points)
01 November 2021and what is due dates
Allauddin Patel (Accountant ) (112 Points)
01 November 2021
CA Aakarsh Jain
(CA)
(10223 Points)
Replied 01 November 2021
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 01 November 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).
CA Aakarsh Jain
(CA)
(10223 Points)
Replied 01 November 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 01 November 2021