Applicability of tax audit to various businesses and professionals
02 September 2020
Tax Audit is applicable to various businesses & professions under Section 44AB of Income Tax Act, 1961. In order to reduce the compliance burden on small retailers, traders who comprise the Medium, small and Micro Enterprises (MSME), Finance Minister has increased the turnover limit from Rs. 1 Crore to 5 Crore in the finance act, 2020 subject to certain conditions.
We have summarized applicability of tax audit on business and profession for FY 2019-20 onwards under various scenario.
Please check the below link to read the same: