Tax Audit Limit for AY 21-22
Bala Ganesh (14 Points)
07 April 2021
whish is turnover limit for tax audit financial year 2020-21
7 Replies
CA HARSHITA AGARWAL
(FCA)
(71 Points)
Replied 07 April 2021
50 Lacs for professional
1Crore for Business, but still if you want to declare u/s 44AD then upto 2Crores no audit required
If you have all the receipts and payment i.e. more than 95% through cheque or any other electronic mode then no need for audit upto 5crore.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 07 April 2021
Turnover limit for AY 21-22 increases from 5 crores rupees to 10 crores rupees provided that all cash payments and receipts should be 5% of total and remaining should be 95% in online mode.
Otherwise if conditions is not fulfilled then turnover limit should be considered as 1 crores rupees and for 44AD turnover should be upto 2 crores rupees
Otherwise if conditions is not fulfilled then turnover limit should be considered as 1 crores rupees and for 44AD turnover should be upto 2 crores rupees
Ankit Neema
(2742 Points)
Replied 08 April 2021
Mr. Sourav please check the details again, Limit is increased for the AY 22-23, from 5 Cr to 10cr.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 08 April 2021
Yes, it was a mistake, limit is 5 crores upto AY 21-22
PaylessIndia Skyfortune Tradin
(2 Points)
Replied 08 April 2021
But if the profit is less than 6% what is the Audit thresh hold ?
For stock market speculation filing ITR3
STCG +(no turn over is calculated as stocks bought in delivery treated as investment)
Tax turn over in Intraday cash equity + F&O= is around Rs3 lakhs (absolute sum pf profit /loss +option premium)
Profit is less than 6% .(loss marginally)
Can we file itr3 showing STCG + all others (INTRADAY +F&O))under business income with out tax audit & claim some minimum expenses ?
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 08 April 2021
U/s 44AD, If you show Profit less than 6% of turnover then tax audit is applicable, turnover limit for presumptive taxation is 2 crores rupees.
For filing speculation income file ITR 3 return by showing all the F&O transactions plus Intraday transactions under business income
For filing speculation income file ITR 3 return by showing all the F&O transactions plus Intraday transactions under business income
Ankit Neema
(2742 Points)
Replied 11 April 2021
I will suggest you to consult the professional, by showing your details to them
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