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THRESHOLD LIMIT FOR 44AB TAX AUDIT FOR FY 2019-20, Income Tax |
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THRESHOLD LIMIT FOR 44AB TAX AUDIT FOR FY 2019-20 |
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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? Posts / Replies Showing Replies 1 to 2 of 2 Records
dear sir, the turnover is now 5 crore in previous year. profit percentage is 8 for non-digital transaction, 6 percentage for digital transaction.
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
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