The monetary limit for audit u/s 44AB has been increased from existing limit of Rs.1 crore to 5 crores. In case of entities carrying business, whose cash receipts and cash payment is less than or equal to 5% of total receipts as well as payments respectively threshold of Rs. 5 crores has been prescribed instead of Rs. 1 crores for the purpose of requirement of tax audit u/s 44AB
Update 2- New Optional New Tax Slabs
Upto 2,50,000 Nil
From 2,50,001 to 5,00,000 5 per cent
From 5,00,001 to 7,50,000 10 per cent.
From 7,50,001 to 10,00,000 15 per cent.
From 10,00,001 to 12,50,000 20 per cent
From 12,50,001 to 15,00,000 25 per cent.
Above 15,00,000 30 per cent
Condition : 80C deduction( LIC , Mutual Fund etc ) and Home loan interest will not be allowed as deduction
Update 3- Fake invoice penalty
Amount equivalent 100% of fake invoice would be charges as penalty by the income tax department if detected by them. This is big move to stop the fake invoicing so be careful about fake invoicing
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If you have any query please contact your assigned partner for particular CA branch of RSR Shah & Co. We will send new update soon
Thanks & Regards
RSR SHAH & CO
Team RSR