44 ab & 44ad

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.