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44AD estimate income


P AGRAWAL (partner)     27 September 2020

P AGRAWAL
partner 
 2 likes  106 points

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Does limit of 5 crore turnover where
receipt / expenses less than 5% of total turnover apply for this assessment year ie 20-21 relevant to previous year 19-20

avater

Sagar Patel (Tax and Business Consultant)     27 September 2020

Sagar Patel
Tax and Business Consultant 
 983 likes  11081 points

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Yes, it's applicable for F.Y 2019-20 (i.e A.Y 2020-21)
But this limit is relating to audit under section 44AB, it's not relating to 44AD presumptive Taxation.
For 44AD, limit is only Rs. 2 Crore as earlier.


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