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Expert assisted Income tax filing for individual businesses, Tax audit will be performed if turnover is above 10 Crore ( OR if more than 5% of receipts and Payments are made in cash). Rs 10 crore tax audit limit applicable from FY 2021-22 (if 95% of receipts and payments are made digitally). Fast, reliable, affordable, Expert support through Email, phone & chat during the business hours
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Head Automation & Dev Ops at Thomson Reuters
Bankok169 Restaurant Chain
Director-CR, ICFAI Business School
Anuradha Timbers International
A comprehensive list of frequently asked questions on Business Income IT Filing.
The due date for filing Income Tax Return without audit is July 31st every year. If Audit is required, then the due date is 30th September (subject to changes as per the latest circulars). Refer Comprehensive Tax Calendar for the latest dates
Every Business whose turnover is more than Rs 1 crore / Rs 50 Lakhs in specified business is required to get Tax Audit.
Update: Starting from FY 2020-21, the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs 5 Crores for FY 2020-21 and Rs 10 Crores from FY 2021-22 in case when the cash receipt and the payment made during the year does not exceed 5% of the total receipt or payment, as the case may be. In other words, more than 95% of the business transactions should be done through banking channels (read as traceable electronic channels) to avoid tax audit.
You can send the soft copies of the required documents to firstname.lastname@example.org or upload the documents on EZTax Website.
It is nothing, but your income tax computation sheet prepared by EZTax. In other words it is summary of your income tax computation details.
After receiving draft from EZTax.in through mail, you can revert to that mail with your opinion to proceed further.
ITR-V stands for Income Tax Return Verification Form. You will receive ITR-V when you file your Income Tax return online.