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Tax audit amendment in recebt budget
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.
Replies (4)
Quick Summary
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
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
Thank you !
Finance Act-2019 Applicable for FY-2019-20..
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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