07 December 2016
As per latest amendment bill passed ,sec.44AD prescribes limit of Total turnover not exceeding Rs.2 cr is applicable to prescribed persons . However Sec.44AB prescribes limit of total turnover ,if exceeding of Rs.1 cr ,required to get his accounts audited. Query is that,If assessee want to opt sec.44AD in that his turnover not exceeding Rs.2 cr ,but sec.44AB limit he cross i.e. turnover exceeding of Rs.1 cr ,then whether sec 44AD can prevail over sec 44AB,where he doesnt required to get his account audited if he opt for sec 44AD although he is falling under purview of sec 44 AB ,as in IT law it mentions that sec 44AD cant go over Sec 44AB So whether it can be concluded that new prescribed limit of RS. 2 Cr has no relevance because to reach the sec44AD, firstly sec 44AB has to b screening
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07 December 2016
There is a drafting error in this amendment as corresponding amendment was not brought in Sec 44AB. But the has been forwarded to the Finance ministry as representation on Tax proposals by BCAS and we are hoping the same to be done in this budget
07 December 2016
As per your reply sir,as i read in the IT act ,SEc 44AB prevail. so u please couldy you give me the reference link that can affirm such point. Lets take 1 Example..... An assessee has total turnover of Rs.1.5 crore so whether Sec 44AB is applicable or not?
08 December 2016
Refer CBDT press release date 20th June 2016, your doubt is clarified. For 1.5 Cr turnover 44AB hot applicable provided opted for 44AD.
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