India: New thresholds for annual tax audits
As part of the 2020 budget, India has announced plans to raise the turnover threshold for an annual tax audit to Rs 5 crore. This is five times more than the current threshold of Rs 1 crore.
The increased limit will apply to businesses that carry out less than five percent of their transactions in cash. The change is intended to facilitate growth of the medium, small and micro enterprise (MSME) sector.