No need to audit firms with a turnover of till Rs 5 crore

Firstly you didn't mention the nature of business i.e., sole proprietorship or partnership or LLP or company.

Secondly as per provisions of Income Tax every person having turnover more than two crore in case of goods and 50L in case of services is liable for audit by a chartered Accountant.

Thirdly the exemption given in budget is for Sole proprietorship/HUF having turnover upto 5 crores and having 95% of business transactions through bank.

Fourthly even though the exemption is given there is a catch in Section 44AD as per which in case of services there should be minimum profit of 50% of turnover otherwise audit by CA is mandatory.

Yes TDS returns can be filed by any person and it need not be by a CA

@ Mr Ashwani Kumar.,

Yes... You are exactly correct.

But, it's (may be) applicable from AY 2021-22 after issuing notifications by CBDT...

It's not only applicable Proprietorship/Huf....

It's applicable to MSME (Medium, Small, and Micro Enterprise).

Otherwise as per sec 44AB Tax audit limit Rs 1cr.... Not, 2cr u/s 44ab...

Thank you, Sujith and Raja. This is very helpful. 

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