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Tax audit query related

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(Querist)
09 February 2022 If Pvt ltd last year turnover was 1.5 crore And filed tax audit in last a.y. 20.21. but now this a.y. 21.22 turnover is only 5 lac so this time tax audit mandatory or not?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 February 2022 No..... Provided that—
(a) aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount; and
(b) aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent of the said payment.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
09 February 2022 Tax audit not mandatory in such a case. No need for cash limit as suggested.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 February 2022 Agreed. My reply was based on Rs. 5 Cr. Turnover.

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