Yes, it was introduced in budget 2020 and it's applicable from 01.04.2020. So, For F.Y 2019-20 's tax audit has been carried out in A.Y 2020-21 i.e after 01.04.2020.
New limit of 5 Crore is applicable for tax audit w.e.f 01.04.2020. Tax audit For F.Y 2019-20 is carried out in F.Y 2020-21 i.e after 01.04.2020. So, this new limit is applicable to F.Y 2019-20 itself, not from F.Y 2020-21.
Income tax rate is for F.Y, declare in advance (i.e For F.Y 2020 -21 declared in Budget 2020 ) So, we can able to calculate and pay our advance tax liability according. But tax audit is required after year end in the Assessment year corresponding to that previous year.
For your reference, you can check new ITR form for F.Y 2019-20 (like ITR 3) in this is asked regarding turnover lesa than 5 crores and cash expenses/sale is less than 5 %of total expenses/sale ect........in AUDIT INFORMATION column of General info.Part.
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