THRESHOLD LIMIT FOR 44AB TAX AUDIT FOR FY 2019-20

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..... THRESHOLD LIMIT FOR 44AB TAX AUDIT FOR FY 2019-20
Query (Issue) Started By: - MVK TAXAUDIT Dated:- 16-1-2021 Last Reply Date:- 4-2-2021 Income Tax
Got 2 Replies
Income Tax
WHAT IS THE THR .....

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..... ESHOLD 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? Reply By PAWAN KUMAR: The Reply: dear sir, .....

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..... the turnover is now 5 crore in previous year. profit percentage is 8 for non-digital transaction, 6 percentage for digital transaction. Reply By CASusheel Gupta: The Reply: Tax Audit limit is ͅ .....

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..... 7; 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 an .....

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..... d collection is met and no need for tax audit. CA Susheel Gupta
Discussion Forum - Knowledge Sharing .....

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