Extension of threshold u/s 44ab

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Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2016 Dear Experts,
Please guide me as to weather threshold limit of sec 44AB has been extend from 1 crore to 2 crore W.E.F 1/4/2016 or not,

Regds
Mohit

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 November 2016 It is extended to 2 crore only for those who opt for 44AD.

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2016 Sir that means threshold limit of sec 44AD has been extend not sec 44AB. The assessee has An option either go for tax audit u/s 44AB or go for sec
44AD in case if turnover is 2 crore,
is it correct,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 November 2016 Yes you are right..............

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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06 November 2016 Sec44AD provisions are same, you have to declare minimum 8% of gross Turnover. If less than that question of taxable turn over is not applicable sec 44AB is applicable