https://www.taxtmi.com/article/detailed?id=8933 The proposal amends section 44AB to raise the business turnover threshold to five crore rupees where aggregate cash receipts do not exceed five per cent of total receipts and aggregate cash payments do not exceed five per cent of total payments, and requires tax audit reports to be dated one month prior to the return filing due date. Separate amendments preserve earlier monetary triggers for TDS/TCS by substituting explicit business and profession thresholds in withholding provisions. Commentary highlights ambiguity over inclusion of capital and loan transactions in the aggregate and suggests limiting the cash test to sales and expenses and allowing self-declaration for certification. Effective date proposed is 1 April 2020. en-us Mon, 03 Feb 2020 10:23:21 +0530 Mon, 03 Feb 2020 18:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8933 The proposal amends section 44AB to raise the business turnover threshold to five crore rupees where aggregate cash receipts do not exceed five per cent of total receipts and aggregate cash payments do not exceed five per cent of total payments, and requires tax audit reports to be dated one month prior to the return filing due date. Separate amendments preserve earlier monetary triggers for TDS/TCS by substituting explicit business and profession thresholds in withholding provisions. Commentary highlights ambiguity over inclusion of capital and loan transactions in the aggregate and suggests limiting the cash test to sales and expenses and allowing self-declaration for certification. Effective date proposed is 1 April 2020. Articles Income Tax Mon, 03 Feb 2020 10:23:21 +0530 https://www.taxtmi.com/article/detailed?id=8933