Limit of Tax Audit u/s 44 AB of Income Tax Act, 1961 | How to compute 5% Cash Transactions Limit

[@casansaarca]

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[@anilsaraf2000]

Thanks to Rajeevji, Khuranaji and Nehaji.

[@rupaligupta770]

Got the answer, Thanks to Vivek Sir and Rajiv Sir

[@gauravperiwal8334]

Excellent deliberation. He did not hold back any information.

[@vivekkhurana4774]

Thank you very much wonderful explanation.

[@casansaarca]

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[@sahil131191]

Good to hear you sir...Thanks

[@ashishjain3220]

Thanks sir for clearing all doubts...

[@pramodshukla5004]

Nice Rajiv sir

[@carajdel]

Great, Thank you very much

[@k.k.singla9819]

I do not agree with your opinion that a person whose turnover is below Rs. 2 crore and whose cash receipts and payments are less than 5% of the gross receipts and payments, are covered u/s 44AD.Sec 44AB is not applicable to such persons as they have been specifically excluded from application of sec 44AB. It is not logical to say that a person upto ₹ 2 crore is covered u/s 44AD and a person with turnover of ₹ 2 crore to ₹ 5 crore is not covered U/s 44AD.

[@cadevgupta]

thanks sir for explaining the things

[@karthikprajapati1744]

Great explanation

[@casansaarca]

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[@rskhera4724]

Good presentation sir. Thanks

[@AmitKumar-ey5hy]

I have 3-4 doubts please make it clear 1. You explained that if I am receiving money not directly in cash but in bank then there won't be cash entry right but if I am depositing cash into others bank account for any payment then what will be my entry won't it effect cash?? 2. In case of payments 5% calculation will be against total payments and not turnover as I have understood the proviso . Please clear my doubt. 3.If a individual, HUF or partnership firm's turnover is below 2 crore and he won't opt for PTS and he satisfies the 5% criteria then won't he will be able to avail the benefit of higher limit i.e 5crores??? Please explain.

[@mj-bb]

Your doubts are really practical. Did you get your solution, please share .

[@komalmahajan2088]

Thank you Sir..your information was really helpful🙏

[@ca.mitalshah6835]

Sir Individual or partnership firm whose turnover is less than 1 cr and profit is greater than 2.5 lac but less that 8% or 6 %, should we get audit under section 44AB?

[@arohikeskar6565]

Sir, what is the notification number in which revised tax audit threshold limit applicable for ay 2020-21 is clarified

[@sunildandekar9180]

Sir I have some queries 1) 5% of turnover is not mentioned but it shoud be 5% of total receipts and total paymments 2) if turnover is between 1-2 crore and 44AD not opted why proviso will not be applicable ?

[@Myra05023]

Thank u sir

[@kirankanani5359]

Can u plz guide : if turnover less than 2 crores but all the transactions are by cheque, whether limit of turnover less than 5crores with new provision, can assesessee escape the provisions of Sec. 44AD

[@rajivjain791]

If assesseee is an eligible assessee u/s 44AD and income is less than 8% or 6% then get books accounts audited u/s 44AB. Otherwise no audit

[@kirankanani5359]

The moot question is can the provisions of ,44AB : less than 5 crores and all transactions by cheque superseded the provisions of Sec 44AD ? Where turnover all by cheque but less than 2 crores...

[@rajivjain791]

@@kirankanani5359 Listen the entire video again carefully. You have your answer

[@casansaarca]

Tax Audit Checklist - Clause by Clause Discussion of Income Tax Audit Form 3CD | 3CA | 3CB - Part 1 discussed by CA. Shivangi Mittal. kzbin.info/www/bejne/a3vUZJupmNt5mck

[@shrenashah7736]

Thank you .. really helpful .

[@riddhishah7956]

You should use slides

[@GlobalFinanceExplorer]

If turnover is less than 1 crore and profit declared is less than 8/6% of turnover. Whether tax audit required? This is the first year of filing business return.

[@mixup1pro]

Sir my speculative loss is Rs.70K and agriculture income is arnd Rs.3 lac and from that sale of agri sale is arnd 4 lac also my salary and interest income is arnd 5 lac do i have to maintain books and accounts as per 44AA if I file ITR3? turnover is below Rs25 lac as govt. provide separate option in ITR for agriculture

[@divyakumbnani5294]

This is for a salaried employee,he has made a F&O loss of Rs 889982 on a Derivative Turnover of Rs 18255803 ( Rs 1.82 crores),Is Tax Audit required?

[@munmun165]

Sir can u pls clear one doubt if the amount of loan is taken or given in cash will that be included in cash transaction for the purpose of calculation of 5% amount.

[@rajivjain791]

Yes

[@vinodshah2728]

Good

[@abinashkhandai1982]

Thank you so much sir

[@bharattiwari5429]

If there is receipt and payment more than 95% other than cash, then audit limit will be 5 crore. And my turnover is more than 2 crore Accordingly I m not eligible for 44AD, then how I will show my profit

[@saanvi08]

Respectfully don't agree with the speaker on some points. If you are not going to consider the cash drawn or deposited by you in bank account, then how can you exclude the cash deposited by customer directly in account? When cash is drawn by an assessee after such direct deposits by customers then it should be considered as cash received for the purpose of calculating the limits.

[@anushkasharma3693]

Please take some time out and respond to all the queries of the viewers.

[@anushkasharma3693]

Derivative Turnover is Rs 1.82 crores,F&O Trading loss is Rs 9 lakhs. Is Tax Audit applicable?