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Raj Thakkar (ARTICLE)     24 July 2021

Threshold limit as per section 44AB

What is the increased amount of threshold limit as per section 44AB, if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover? (with effect from AY 2020-21 (FY 2019-20)


 3 Replies

Manish

Manish (CA)     24 July 2021

It is 10 crores from AY 21-22; before it is 5 crore.

CMA Poornima Madhava

CMA Poornima Madhava (CMA)     24 July 2021

For FY19-20, it would be up to a turnover/gross-receipt of Rs.5cr and for FY20-21 onwards, Rs.10cr.
Sourav

Sourav (Student)     25 July 2021

10 crores rupees for AY 2021-22 and 5 crores rupees for AY 2020-21

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