Professional turnover limit 25 lakh or 50 lakh

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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2016 Dear All
For AY 2016-17 what is the turnover's ceiling limit of professionals weather 25 Lakh or 50 Lakh?

Regards
Himanshu

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 November 2016 For AY 2016-17 it is 25 lacs.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2016 Ok sir, from which FY the turnover's ceiling limit shall be 50 Lakh,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 November 2016 From this financial year 2016-17.

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2016 Sir can you pls let me know the relevant section/circular in respect of extension of this ceiling limit,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 November 2016 The ceiling limit of 50 lacs is only for those who opt for 44ADA. See the budget amendment for 2016.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2016 Sir weather only professionals can opt sec 44ADA or A partnership firm which is engaged in service industry as well as in trading (sale purchase) also can opt sec 44ADA,

Also clarify if professionals turnover's is more then 25 Lakh in AY 2017-18 in this scenario weather audit u/s 44AB will attract or not?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 November 2016 Only professionals or a firm of professionals referred u/s 44AA(1) can opt for sec 44ADA. If professionals turnover exceeds 25 lacs and opting for 44ADA audit u/s 44AB not applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2016 Sir if professionals having turnover of 30 Lakh also not opting section 44ADA shall attract the audit u/s 44AB

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 November 2016 Yes audit u/s 44AB will be attracted in such a case.

Advocate

Advocate (Expert)
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02 December 2016 Turnover limit for professionals is Rs 50 lakhs from Financial year 2016-17 applicable from April, 2016. Previous limit was Rs 25 lakha .
So if you opted for section 44ADA to avoid audit of your accounts for f.y. 2016-17 your turnover limit should be below Rs 50 lakhs.