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?

Q: The threshold limit for tax audit for business entities under section 44AB has been proposed to chan

FinanceAct2020ThethresholdlimitofRs1croreturnoverforataxauditisproposedtobeincreasedtoRs5crorewitheffectfromAY202021FY201920ifthetaxpayerscashreceiptsarelimitedto5ofthegrossreceiptsorturnoverandifthetaxpayerscashpaymentsarelimitedto5oftheaggregatepaymentsFinanceAct2021Witheffectfrom1stApril2021thethresholdlimitofRs5croreisincreasedtoRs10croreincasecashtransactionsdonotexceed5ofthetotaltransactions

A 2 crores

B 10 crores

C 7.5 crores

D 8 crores

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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

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