Tax Audit Report for Automobile dealers stands at Rs. 10 crore, provided that cash transactions remain below 5% of the total transactions.
This means that if an automobile dealer’s total turnover during a financial year is Rs. 10 crore or more, and if the cash receipts and cash payments do not exceed 5% of the total receipts and payments, then the dealer is required to get his/her books of accounts audited by a chartered accountant.
The due date for filing the tax audit report is 30th September of the assessment year following the financial year in which the audit was conducted.
For example, if the audit is conducted for the financial year 2023-2024, then the due date for filing the report is 30th September 2024.
For more information visit this site: https://www.mca.gov.in/
Please note that the threshold limit for tax audit can be different for different categories of taxpayers.
For example, the threshold limit for tax audit for a company is Rs. 20 crore.
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