Tax Audit New Clause (Section 44AB)

With effect from 01/04/2020, that is from assessment year 2021-22, this provision is amended as below:
The threshold limit has been revised to increase it for a person carrying on business from Rs. 1 crore to Rs. 5 crore ( AY 2022-23 , 10Cr) if the following conditions are satisfied –
1] His aggregate of all receipts in cash during the previous year does not exceeds 5 % of such receipts.
2] His aggregate of all payments in cash during the previous year does not exceeds 5 % of such payments.
So because of such amendment there some strange situation may arise which CBDT should clarify.

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