Question ID :
40577
Tax audit applicability fy 2019-20
A Company whose turnover is Rs. 4 crores in fy 2019-20 and has more than 95% of its transactions in sales and purchases in electronic mode
in aforesaid case will tax audit not be applicable to the company as per the proposed amendment made in finance act 2020 wherein the limit specified in said cases ie more than 95% of transaction in sales and purchases thru electronic mode is upto Rs. 5 crores
Posted by
iyengar madhavan
on
Feb 22, 2020
Filed Under
AUDIT
Tax audit is applicable for FY 2019-20. The amendment proposed through the Finance Bill 2020 is applicable from FY 2020-21 and onwards.
Posted by
B.CHACKRAPANI WARRIER on
Feb 22, 2020
Answer ID :
80421
yes...audit is necessary
Posted by
SIVADAS CHETTOOR on
Feb 23, 2020
Answer ID :
80434
THE PROPOSED AMENDMENT IS APPLICABLE FOR F.Y.2020-2021 AND NO FOR 2019-20. AUDIT IS REQUIRED
Posted by
CA. JAIN JAWAHAR LAL on
Feb 27, 2020