18 June 2016
As per S.44 AB of Income Tax Act, if a person is carrying on business if the turnover or gross receipts exceeds Rs.1 crore (2013-14); Rs.40 lakhs (up to AY 2010-11) Rs. 60 lakhs (from 2011-12 and 2012-13
In case of profession Rs.25 lakhs (2013-14 to 2016-17); Rs.10 lakhs (up to AY 2010-11) and Rs.15 lakhs (2011-12 and 2012-13)
CAclubindia
