Tax Audit is conducted under the regulations of Income Tax Act. If any enterprise turnover is more than Rs 1 crore, and in case of professionals if it is more than Rs 50 Lacs, then it is a mandate to get their books of accounts audited by a Chartered Accountant.
The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2021-22 (FY 2020-21) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments.
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H Thakur and Company has delivered quality services with an emphasis on knowledge, research, experience and professionalism.