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Rashmin Sanghvi & Associates

Chartered Accountants

220, 2nd Floor, Arun Chambers,
Tardeo Road,
Mumbai - 400 034,
Maharashtra, India.

Tel. Nos.: (+91 22) 2351 1878, 2352 5694.

Fax : (+91 22) 2351 5275.

Email : [email protected]

 
Home Articles Taxation         Share :

Budget 2017Chapter E

27. Increase in limit for audit for businessmen opting for presumptive taxation scheme [S. 44AB]:

The Finance Act, 2016 had increased the limit of turnover for businessmen opting for presumptive taxation scheme from Rs. 1 crore to
Rs. 2 crore. However, corresponding amendment was not made in the limit for audit of books of accounts (S. 44AB). This issue was mentioned in our Budget note for 2016 in para 19.2.4. It was clarified vide CBDT press release dated 20th June, 2016.

Now an eligible person opting for presumptive taxation scheme as per S. 44AD(1) shall not be required to get his accounts audited if the total turnover or gross receipts of does not exceed Rs. 2 crore.