05 November 2016
Dear Experts, Please guide me as to weather threshold limit of sec 44AB has been extend from 1 crore to 2 crore W.E.F 1/4/2016 or not,
05 November 2016
It is extended to 2 crore only for those who opt for 44AD.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
05 November 2016
Sir that means threshold limit of sec 44AD has been extend not sec 44AB. The assessee has An option either go for tax audit u/s 44AB or go for sec 44AD in case if turnover is 2 crore, is it correct,
06 November 2016
Sec44AD provisions are same, you have to declare minimum 8% of gross Turnover. If less than that question of taxable turn over is not applicable sec 44AB is applicable