21 June 2024
As per Sec 44AB, limit of 1 crore has increased to 10 crores if cash receipts/ payments do not exceed 5% of turnover. Does this apply to a Partnership Firm ? Suppose a partnership firm is having a turnover of 5 crores and cash receipts/ payments are below 5% of turnover. Thus, this partnership firm will not be liable to Tax Audit for AY 24-25, correct ?
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