Audit of accounts of certain persons [Tax Audit] - (New) Section 63 / Section 44AB

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....ng amount received for sales, turnover or gross receipts during the tax year, in cash, does not exceed 5% of the said amount; and • (ii) Cash Payment - aggregate of all payments made including amount incurred for expenditure, in cash, during the tax year does not exceed 5% of the said payment, For the Purpose of Aggregate of Payment or receipt of cash Includes by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the payment or receipt in cash Tax Audit for Professionals Exceeding Rs.50 Lakh Receipts • carrying on profession shall, if his gross receipts in profession exceed fifty lakh rupees in any tax year. Audit Requirement When Pr....

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.... TO GET HIS ACCOUNTS AUDITED ON COMPULSORY BASIS Threshold limit for Tax audit • (a) A person carrying on business if his total sales, turnover or gross receipt in business for the PY(s) relevant to the AY exceeds 1 crore. • In order to reduce compliance burden, • the Finance Act, 2021 w.e.f. AY 2021-22 has increase threshold limit of tax audit increased from Rs. 5 crore to Rs. 10 crore • the Finance Act 2020 w.e.f. AY 2020-21 has inserted proviso to increase threshold limit of tax audit increased from Rs.1 crore to Rs. 5 crore  • in case of person carrying on business subject to the following condition - â....