Question
The threshold limit for tax audit for business entities
under section 44AB has been proposed to change to how much amount for those assessees, where amount received in cash is less than 5% of total receipts and amount paid in cash is less than 5% of Aggregate payments during the year?Solution
Finance Act 2020: The threshold limit of Rs 1 crore turnover for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments. Finance Act 2021: With effect from 1st April 2021, the threshold limit of Rs 5 crore is increased to Rs 10 crore in case cash transactions do not exceed 5% of the total transactions.
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