29 February 2016
The proposed amendment in Finance Bill 2016 enhances the tax audit limit for professionals required to maintain books of accounts to Rs.50 lakhs from the existing Rs.25 Lakhs. This is to bring it in agreement with the new section 44 ADA where the professional can opt for presumptive taxation on the professional receipts treating the profit as 50% of the receipts and no books of accounts need be maintained.
As far as the turnover, for other businesses are concerned there is NO CHANGE and the assessee has to get his accounts audited under section 44 AB if his turnover is Rs.1 crore or more.
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