Tax Audit applicability
Created by: Shrutika Shah
Modified on: Wed, 13 Apr, 2022 at 6:27 PM
Tax Audit is applicable u/s 44AB to individual taxpayers in case of income from Business/Profession.
The tax audit applicability for AY21-22 is:
Income from Business
|Turnover||Profit >= 6%||Profit < 6% (Including Loss)||Cash Payments > 5%||Cash Receipts > 5%|
|Upto 25 Lakhs||Not Applicable||Applicable||Not Applicable||Not Applicable|
|25 Lakhs to 1 Cr||Not Applicable||Applicable||Not Applicable||Not Applicable|
|1 Cr to 2 Cr||Not Applicable||Applicable||Applicable||Applicable|
|2 Cr to 10 Cr||Not Applicable||Not Applicable||Applicable||Applicable|
|Above 10 Cr||Applicable||Applicable||Applicable||Applicable|
Income from Profession
|Turnover||Profit >= 50%||Profit < 50% (Including Loss)|
|Below 1.5 Lakhs||Not Applicable||Applicable|
|1.5 Lakhs to 50 Lakhs||Not Applicable||Applicable|
|Above 50 Lakhs||Applicable||Applicable|
Read more about Tax Audit of Trading Income
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