In finance bill 2020, it was proposed to increase the tax audit limit u/s 44AB to 5 cr from existing 1 cr.
My question is if the presumptive limit increased. If so, what the new limit is.
Thank in Advance.
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 February 2020
No No...
please refer once again the FB 2020...
please refer once again the FB 2020...
sujith kumar dasa
(banglore)
(1496 Points)
Replied 09 February 2020
The limit increase under FB 2020 is when you are having 95% of trabsactions though Bank and less than 5% in cash.
However the presumptive tax limit is not increased.
However the presumptive tax limit is not increased.
Kapadia Pravin
(17259 Points)
Replied 09 February 2020
Let me put down the changes in 44AB
Turnover limit is 1 crore or more for assessees in general but but
Turnover limit will be 5 crores for those assessees (effective from FY 2020-2021)
---who has 95% or more of total receipts in digital mode /bank and
---who has 95% or more of total Payments in digital mode / bank
-----
For 44AD presumptive taxation turnover limit is as it is , upto 2 crores. No amendment in 44AD
Turnover limit is 1 crore or more for assessees in general but but
Turnover limit will be 5 crores for those assessees (effective from FY 2020-2021)
---who has 95% or more of total receipts in digital mode /bank and
---who has 95% or more of total Payments in digital mode / bank
-----
For 44AD presumptive taxation turnover limit is as it is , upto 2 crores. No amendment in 44AD
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