audit query for FY 2019-20

#2
old guideline says-
An audit is not required if turnover is less than Rs 2 crores but your total income is within the taxable limit of Rs 2.5L
So,if turnover is below 2 crores and income is below 5 lakhs(new income rule) then do I need audit or it stands upto 2.5L limit only??
 

soft_trader

Well-Known Member
#3
old guideline says-
An audit is not required if turnover is less than Rs 2 crores but your total income is within the taxable limit of Rs 2.5L
So,if turnover is below 2 crores and income is below 5 lakhs(new income rule) then do I need audit or it stands upto 2.5L limit only??
5 lakh income is applicable from FY 19-20. If you are filing now, then it is for FY 18-19, for which it is 2.5 lakh.
 
#4
5 lakh income is applicable from FY 19-20. If you are filing now, then it is for FY 18-19, for which it is 2.5 lakh.
yes sir,for FY 2019-20(AY 2020-21) its 5 lakhs,but sir-
,if turnover is below 2 crores and income is below 5 lakhs(new income rule) then do I need audit or it stands upto 2.5L limit only??
 

soft_trader

Well-Known Member
#5
yes sir,for FY 2019-20(AY 2020-21) its 5 lakhs,but sir-
,if turnover is below 2 crores and income is below 5 lakhs(new income rule) then do I need audit or it stands upto 2.5L limit only??
I am no 'sir'.
No clarification yet. But logically what you mentioned should be applicable.
 

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