What is the tax audit limit for business and profession?

The tax audit limit for an individual carrying on business is Rs.1 crore in a FY and for professionals it is Rs.50 lakhs. However, latest amendments direct that w.e.f. April 2021, the limit has been further increased to Rs.10 crores in case of persons carrying on business provided that not more than 5% of the total transactions are in cash.

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