Threshold limit for getting books of accounts audited u/s 44AB - Limit enhanced from 1 Crore Rupees to 2 Crore Rupees in case of a person who declares profits and gains for the previous year u/s 44AD - Budget 2017-18 w.e.f. AY 2017-18 (Retrospective)
3 February, 2017
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Audit threshold increase for presumptive taxation reduces audit applicability where turnover does not exceed prescribed limit. A proviso to the tax audit requirement exempts persons who declare profits under the presumptive taxation scheme and whose total sales, turnover or gross ... Summary
Audit threshold increase for presumptive taxation reduces audit applicability where turnover does not exceed prescribed limit.
A proviso to the tax audit requirement exempts persons who declare profits under the presumptive taxation scheme and whose total sales, turnover or gross receipts do not exceed the revised turnover ceiling, thereby narrowing the class required to obtain an audit when they comply with sub section (1) of the presumptive taxation provision. The amendment is effective from 1 April 2017 for the relevant assessment year and subsequent years.
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