The threshold limit of turnover for tax audit for AY 2020 21 in case assessee having business ...........

Finance (Phase -I & II) Public Finance The union budget

The threshold limit of turnover for tax audit for AY 2020-21 in case assessee having business income is ___________ if the taxpayer’s cash receipt are limited to 5% of gross receipts and cash payments are limited to 5% of aggregate payments.

1 crore

2 crores

3 crores

5 crores

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Explanation:

The threshold limit of turnover for tax audit for AY 2020-21 in case assessee having business income is 5 crores , if the taxpayer’s cash receipt are limited to 5% of gross receipts and cash payments are limited to 5% of aggregate payments.