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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)
Replies (3)
Quick Summary
It is 10 crores from AY 21-22; before it is 5 crore.
For FY19-20, it would be up to a turnover/gross-receipt of Rs.5cr and for FY20-21 onwards, Rs.10cr.
10 crores rupees for AY 2021-22 and 5 crores rupees for AY 2020-21
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