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44 ab & 44ad

Dinesh (Article) (21 Points)

20 June 2017

i have professional client having turnover 23 lakhs...as per new amendments if i show profit below 50% , then the firm is liable for audit ?? or not what is the 44AB audit turnover limit for other than professional for A.Y 17-18.

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Karan Batra (Creator: TheProTalks) (2325 Points)
Replied 21 June 2017

Starting financial year FY 2016-17 (return filing for AY 2017-18), presumptive income scheme has been extended to professionals with receipts up to Rs 50 lakhs. Under this scheme, their income is assumed to be 50% of receipts. Books of accounts are not required to be maintained and audit is not applicable.

Starting financial year FY 2016-17, the turnover limit for audit for professionals continues to be 25lakhs. There is no amendment to Section 44AB. There is no change in audit requirement for professionals NOT covered under presumptive scheme.