https://www.taxtmi.com/highlights?id=102959 Tax-audit obligations do not arise where turnover remains below the enhanced threshold available to taxpayers whose cash receipts and cash payments stay within prescribed limits. Financial statements, bank statements and reconciliation may establish that operational revenue was received through banking channels; differences between bank credits and reported revenue may be attributable to GST and tax deducted at source. Absence of opening or closing cash-in-hand, supported by these records and the tax audit report, can demonstrate that no disqualifying cash transactions occurred. Consequently, penalty for failure to obtain a tax audit is not sustainable where the enhanced threshold applies. en-us Sat, 22 Aug 2026 10:33:32 +0530 Sat, 22 Aug 2026 10:33:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102959 Tax-audit obligations do not arise where turnover remains below the enhanced threshold available to taxpayers whose cash receipts and cash payments stay within prescribed limits. Financial statements, bank statements and reconciliation may establish that operational revenue was received through banking channels; differences between bank credits and reported revenue may be attributable to GST and tax deducted at source. Absence of opening or closing cash-in-hand, supported by these records and the tax audit report, can demonstrate that no disqualifying cash transactions occurred. Consequently, penalty for failure to obtain a tax audit is not sustainable where the enhanced threshold applies. Highlights Income Tax Sat, 22 Aug 2026 10:33:32 +0530 https://www.taxtmi.com/highlights?id=102959