Tax audit and Transfer pricing was done for the assessee till AY 19-20. For AY 20-21, the turnover is below 5cr and cas receipts is below 5%. However, Form 3CEB is to be filed as Transfer pricing is applicable to them. Please tell me whether it is mandatory to do tax audit for them?
Thanks in advance.
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Tax audit for an assessee for whom TP is applicable.
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| Originally posted by : Bhavya Antony | ||
 |
Tax audit and Transfer pricing was done for the assessee till AY 19-20. For AY 20-21, the turnover is below 5cr and cas receipts is below 5%. However, Form 3CEB is to be filed as Transfer pricing is applicable to them. Please tell me whether it is mandatory to do tax audit for them? Thanks in advance. |  |
Yes tax audit would definitely be required as turnover is above 1cr.
But sir, the turnover limit has been changed for AY 20-21 right? if it below 5cr and cash receipts is below 5%, they won't come under tax audit purview ryt?
Turnover limits for tax audit has been increased vide amendment in section 44Ab.
However 3CEB is filled under Section 92E which requires disclosure of international and specified domestic transactions.
So form 3CEB is filled along with tax audits so long
However tax audit is not mandatory as per the detailed analysis of Section 92E read with Rule 10E but 3CEB will be issued based on the audited figures only .
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