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Turnover for audit Of accounts
what is the turnover limit for tax auditting some saying 5crore and some saying 1crore kindly clarify.
Replies (4)
Quick Summary
Turnover limit for other than professionals is RS 1 crore and for professionals limit is RS 50 lacs provided that if your cash receipts and cash payment should not exceed 5% of total receipt and total respectively. if you make payment via cheques then other then account payee cheques all other types will be considered as cash only
In case of Digital transaction equity trading and short term capital gain what is the audit requirement
1) 5crore limit is applicable in case cash payments/receipts are limited to 5% in aggregate respectively.
2) 1crore limit if cash transactions are >5%
5 crores turnover will be applicable if your receipts and payments are restricted to 5% in cash if it is exceeded then turnover limit will be 1 crores rupees
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