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Turnover for audit Of accounts

Vikash (G) (393 Points)

26 April 2021

what is the turnover limit for tax auditting some saying 5crore and some saying 1crore kindly clarify.

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4 Replies

PRADEEP SHEORAN (4 Points)
Replied 26 April 2021

Turnover limit for other than professionals is RS 1 crore and for professionals limit is RS 50 lacs provided that if your cash receipts and cash payment should not exceed 5% of total receipt and total respectively. if you make payment via cheques then other then account payee cheques all other types will be considered as cash only

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Vikash (G) (393 Points)
Replied 26 April 2021

In case of Digital transaction equity trading and short term capital gain what is the audit requirement

CMA Poornima Madhava (CMA) (13112 Points)
Replied 26 April 2021

1) 5crore limit is applicable in case cash payments/receipts are limited to 5% in aggregate respectively.

2) 1crore limit if cash transactions are >5%

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 26 April 2021

5 crores turnover will be applicable if your receipts and payments are restricted to 5% in cash if it is exceeded then turnover limit will be 1 crores rupees