Income Tax Audit
Income Tax Audit Services
NOTE: The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2021-22 (FY 2020-21) 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
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs. 1 crore in any previous year. Under the Income Tax Act, “Business” simply means any economic activity carried on for earning profits.
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