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THRESHOLD LIMIT FOR 44AB TAX AUDIT FOR FY 2019-20, Income Tax

Issue Id: - 116965
Dated: 16-1-2021
By:- MVK TAXAUDIT
THRESHOLD LIMIT FOR 44AB TAX AUDIT FOR FY 2019-20

  • Contents

WHAT IS THE THRESHOLD LIMIT FOR 44AB TAX AUDIT FOR FY 2019-20. WHETHER IT IS 1 CRORE OR 5 CRORE. WHAT IS THE PROFIT PERCENTAGE THAT HAS TO BE DECLARED IF IT IS 5 CRORE?

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1 Dated: 25-1-2021
By:- PAWAN KUMAR

dear sir,

the turnover is now 5 crore in previous year.

profit percentage is 8 for non-digital transaction, 6 percentage for digital transaction.


2 Dated: 4-2-2021
By:- CASusheel Gupta

Tax Audit limit is ₹ 1Crore.

For turnover up ₹ 2 crore, declare profit 6%/8% and no need for tax audit.

If turnover exceeds ₹ 2 Crore, pay tax on actual profit but only if condition of 95% of payment and collection is met and no need for tax audit.

CA Susheel Gupta


1

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