Audit limit u/s.44AB for FY 2023-24

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For the financial year 2023-24, if your business turnover falls between ₹1.5 crore and ₹2 crore, you may be wondering about audit requirements under Section 44AB. This discussion clarifies that you can likely opt for the presumptive taxation scheme under Section 44AD. It also explores whether the MSME provisions under Section 46 are applicable to individuals declaring income via Section 44AD.

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(Querist)
28 March 2024 For FY 2023-24, my business turnover is in between 1.5 to 2.00 crore. Am I liable to get my accounts audited U/S.44AB or may I declare my income u/s. 44AD ?
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RAJA P M

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RAJA P M (Expert)
28 March 2024 Yes, You can avail the presumptive scheme. Also check out the provisions.
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Mahabir Prasad Agarwal

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Mahabir Prasad Agarwal (Querist)
28 March 2024 Sir, one more question - whether MSME section 46 is applicable to a assessee who declares his income u/s 44AD ?
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