Tax audit for company
This query is : Resolved
CA Raj Doshi
(Querist)
01 March 2016
For AY 1718. A company will have to undergo if turnover exceeds 1 crore. However, no audit for individual huf partnership firm if turnover upto 2 crores and income offered under 44AD at 8%. Am I right ? I find this discriminatory.
Suresh Ramaswamy
(Expert)
01 March 2016
This is drafting error which will be rectified when the Finance Bill is discussed in Parliament. When the final Finance Bill is adopted, I think the exemption limit u/s 44AB would be enhanced to Rs. 2 Crores.
02 March 2016
It is not an error. The one crore limit in 44AB is retained not to contradict with the substituted section 44AD(4).
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