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What If Turnover is Less Than One 1 Crore as Per Law

AS per Lawkidunya and according to Finance Act 2020, the threshold limit of Rs 1 crore turnover for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) 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.

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