Tax audit amendment in recebt budget

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21 Points Posted on 25 February 2020
In the recent budget, the applicable turnover for tax audit limit has been increased from 1 crore to 5 crores.. So will it be applicable for the financial year 19-20 (or) 20-21 ? kindly clarify.
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On 25 February 2020 at 19:45 Report
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The recent budget has increased the turnover threshold for tax audits from 1 crore to 5 crores. This change is applicable from the financial year 2020-21 onwards. However, the higher limit of 5 crores is conditional; if these conditions aren't met, the previous limit of 1 crore will still apply.

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CFO- at NHTF
58280 Points Posted on 25 February 2020
Hi,

The budget proposal is for the upcoming financial year 2020-21.

So the limit of 5crores for tax audit is applicable from FY-2020-21 and not for FY-2019-20
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On 25 February 2020 at 20:08
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21 Points Posted on 25 February 2020
Thank you !
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On 25 February 2020 at 20:11
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CFO- at NHTF
58280 Points Posted on 25 February 2020
Finance Act-2019 Applicable for FY-2019-20..
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On 25 February 2020 at 21:17
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17269 Points Posted on 25 February 2020
The limit of 5 crores from FY 2020-2021 is conditional and if conditions are not fulfilled then the limit remains 1 crore only.
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On 25 February 2020 at 23:53

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