44 ab

This query is : Resolved

Report Abuse Follow Query Ask a Query

Vijay Mohan

Vijay Mohan (Querist)
Follow

29 February 2016 is the turnover limit for tax audit u/s 44AB also enhanced

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
Follow

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.