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Budget 2016- impact on 44ab of limit increased u/s 44ad

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as all we know that limit of sec 44AD has been increased to 2cr in Budget 2016. my que - if a person has a turnover of say 1.7 cr and he does not maintain books of accounts. now he can file return u/s 44AD and can show 8% and above presumptive income. as per sec 44AB a person shall get audit his books of accounts u/s 44AB if turnover exceeds 1cr. now question arises that he does not maintain any books so whether he has to get audit his books of accounts u/s 44AB as turnover exceeds 1cr? and if yes then what is the meaning of increasing the limit in 44AD.
Replies (1)

Mr Utpal Jain, As per Sec-44AD nn assessee adopting these provision is not required to maintain the regular books of account and is also exempt from getting the books of account audited.
That's meant Section-44AB not applicable on those assessee who adopting these provision.

 


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