The threshold for tax audit pertaining to Furniture & Appliances: Traders & Stores stands at Rs. 10 crore for the assessment year 2023-24, subject to fulfillment of these conditions:
1. The combined cash receipts (encompassing sales, turnover, and gross receipts) must not surpass 5% of the overall gross receipts.
2. The combined cash payments (covering expenditure incurred) must not exceed 5% of the total payments.
3. The deadline for submitting the tax audit report is the 30th of September in the assessment year.
However, the Income Tax Department holds the authority to extend this deadline under specific circumstances.
Additionally, the subsequent businesses are also liable for tax audit as per Section 44AB of the Income Tax Act:
1. Businesses with cumulative sales, turnover, or gross receipts surpassing Rs. 1 crore.
2. Businesses with cumulative sales, turnover, or gross receipts surpassing Rs. 10 crore, provided that cash receipts and cash payments within the year remain within 5% of the total receipt or payment amount, as applicable.
3. Professionals with gross receipts surpassing Rs. 50 lakhs.
4. Firms comprising auditors, chartered accountants, lawyers, architects, engineers, and other professionals, with gross receipts surpassing Rs. 50 lakhs.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com