Budget 2016- impact on 44ab on limit increased u/s 44ad
This query is : Resolved
17 March 2016
as all we know that limit of sec 44AD has been increased to 2cr in Budget 2016. my que - if a person has a turnover of say 1.7 cr and he does not maintain books of accounts. now he can file return u/s 44AD and can show 8% and above presumptive income.
as per sec 44AB a person shall get audit his books of accounts u/s 44AB if turnover exceeds 1cr.
now question arises that he does not maintain any books so whether he has to get audit his books of accounts u/s 44AB as turnover exceeds 1cr? and if yes then what is the meaning of increasing the limit in 44AD.
19 March 2016
Dear Utpal Jain jee if profit is shown below 8% only then audit u/s 44AB is required . Please read section 44AB sub sec (a) ........ ;or sub sec (b) .....; or. There is or. Means if you are covered u/s 44AD then 44AB will be applicable only if you declare profit below 8% otherwise not.
24 March 2016
Section 44AB has been amended for raising the limit of business turnover to Rs. 2.00 Crore and turnover from profession to 50.00 Lacs.
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