44ab audit issue

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B.Com
87 Points Joined January 2015
proprietor has turnover of 4996000 from business and personal income of 1 lakh. will he be liable to tax audit as per new 5 crore limit.
thank you
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On 28 December 2020 at 03:46 Report
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Chartered Accountant
24588 Points Joined November 2019
No tax audit is not applicable for ay 20-21 as it is not exceeded 5 crores rupees
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On 28 December 2020 at 06:17
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133 Points Joined March 2019
Mr sorav, only if the taxpayer's cash receipts are limited to 5% of the gross receipts or turnover and if the taxpayer's cash payments are limited to 5% of the aggregate payments
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On 28 December 2020 at 11:41
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Chartered Accountant
24588 Points Joined November 2019
Yeah but his turnover is less than 50 lacs
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On 28 December 2020 at 12:29
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133 Points Joined March 2019
Yes but both situation must b fullfill
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On 28 December 2020 at 12:42
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Chartered Accountant
24588 Points Joined November 2019
Yes, but as per his query tax audit is not applicable for him by fulfilling both the conditions
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On 28 December 2020 at 12:44
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B.Com
87 Points Joined January 2015
Many thanks to all.
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On 28 December 2020 at 13:12


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