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The Finance Minister on Monday announced provisions that would ease compliance burden for small traders, too.
Businessmen with sales turnover (or gross receipts) of more than ₹1 crore in a FY are required to get their accounts audited and file a tax audit report along with the ITR.
In the last Budget, for businessmen who carried out at least 95 per cent of their transactions (receipts and payments) digitally, the turnover threshold was enhanced to ₹5 crore. That is, if their cash receipts or payments in any financial year did not exceed 5 per cent of the aggregate receipt or payment, they were not required to get tax audit done as long as their turnover was within ₹ 5 crore.
The turnover limit for triggering the tax audit provisions is now proposed to be enhanced further to ₹10 crore, for such digitally run businesses.
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