SEC 44AB - Tax Audit

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13 Points Posted on 30 October 2020
Has the limit of ₹1cr. updated with ₹5cr from AY 20-21 ? or is it still proposed ?
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On 30 October 2020 at 15:26 Report
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This discussion clarifies the threshold for Tax Audit under Section 44AB of the Income Tax Act. It confirms that the limit has indeed been updated to ₹5 crore from Assessment Year 2020-21 onwards. However, this increased limit is subject to the condition that cash receipts and cash payments do not exceed 5% of the total turnover.

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285 Points Posted on 30 October 2020
Updated to 5crore
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On 30 October 2020 at 20:19
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13 Points Posted on 31 October 2020
Yes , the limit is that the cash receipts and cash payments shall not exceed 5% of total turnover .
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On 31 October 2020 at 07:52

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