Question 1

What is Total Receipt in tax audit?

Accepted Answer

Total receipt includes all amounts received from sales, services, or business operations during the year, whether in cash, bank, or digital mode.

Question 2

What payments are excluded from cash payment limit?

Accepted Answer

Loans taken, loan repayment, depreciation, and certain statutory payments are excluded from cash payment limit calculation.

Question 3

Which ITR should I file if tax audit is not applicable?

Accepted Answer

You can file ITR-3 or ITR-4 depending on your business type, without attaching an audit report.

Question 4

When is tax audit required?

Accepted Answer

If turnover exceeds ₹1 Crore with cash transactions above 5% or turnover exceeds ₹10 Crore, a tax audit is mandatory.

Tax Audit Limit Checker (As per Latest Amendment)