Confused regarding Tax Audit Limit/ Applicability? AY 2021-22 (Quick RECAP)
Prabhat Goyal | Aug 27, 2021 |
Confused regarding Tax Audit Limit/ Applicability? AY 2021-22 (Quick RECAP)
S-44AB of IT Act, 1961 (as amended through Finance Act, 2021)
LIMITS ARE AS UNDER:-
1. Business where turnover exceeds Rs. 1 Cr in any PY
Limit is Rs. 10 Cr where aggregate receipts/ payments in cash does not exceed 5% of said receipts/ payments
(both Condition satisfy individually)
Note- non account payee cheque/ bank draft is treated as cash
2. Profession where Gross Receipts exceed Rs. 50 Lacs in any PY
Opting for Presumptive Tax Provisions?
Audit Required if:-
1. Business Income Claimed to be lower than Profits deemed u/s 44AE/ 44BB/ 44BBB in any PY
2. Income from Business/ Profession Claimed to be lower than Profits deemed u/s 44AD/ 44ADA in any PY & TI > Basic Exemption
Limits will be as under:-
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