Tax Audit limit for AY 2021-22

Taxation
1

I understand that the turnover limit for tax audit u/s 44AB has been proposed to be increased to Rs.10 cr., for assesses whose cash receipts and payments are less than 5% of total turnover.

My question is whether this is applicable from AY2021-22 or AY2022-23 ?

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2

Hey @Suyash.K, the same is applicable from AY 2021-2022 onwards.

1 Like
3

Thanks for the prompt response.

4

Dear @Quicko
Your opinion on below situation

How capital gain calculated on physical settlement of stock. I got different opinion on different platforms and experts. So I just little bit confused. Please brief:

For e.g.:
I sold 1 lot of SBIN PE @ strike price of Rs 500 at Rs 20 and the same is deep in the money and the position is physically settled(Closing price of SBIN on expiry day is Rs 430).
Now my question is acquisition cost( for capital gain purpose) of SBIN would be Rs 500(i.e. strike price)
Or Rs 480( Rs 500- premium received)
Or Rs 430 (closing price of underlying).

Thanks