Confused regarding Tax Audit Limit/ Applicability? AY 2021-22 (Quick RECAP)

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:-

• Business – S-44AD – Rs. 2 Cr
• Profession – S-44ADA – Rs. 50 Lakh