Tax audit for company
This query is : Resolved
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.
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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