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amendment in 44ab

29 September 2017

this is not amended
44ab limit has been increased to 2 cror in case of business
and 40 lakh kn case of profession
m i right?

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6 Replies

Ashwin Kumar (1229 Points)
Replied 29 September 2017

that is the existing limit but a change for profession it is 50 lakhs

RAJA P M ("Do the Right Thing...!!!") (127233 Points)
Replied 29 September 2017

No...
U/s 44ab limit is Rs. 1cr for business and Rs. 50 Lakhs for Profession...

2cr limit is only u/s 44ad...

Ashwin Kumar (1229 Points)
Replied 29 September 2017

yes I got it wrong thanks @ RAJA P M you are correct under 44 ab business limit is 1 crore and profession is 50 lakhs.......44 ad specifies the limit of 2 crore for business and 50 lakhs for profession . I think it is applicable to all assessees. am I right..???

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Umakanth 07 (54 Points)
Replied 30 September 2017

Resident individuals , HUFs and partnership ( but not LLPs ) would be covered under this scheme.
this scheme wouldn't apply to an assessee who is availing deductions under section 10AA .

* this section wouldn't applicable for the business of plying , hiring and leasing of goods carriages under Sec 44(AE) .

md shahadat (88 Points)
Replied 30 September 2017

thanks

Ferdous (advocate tax consultants) (80 Points)
Replied 30 September 2017

for firms interest and salary allowed earlier will not be allowed now. those who formed partnership firms for getting maximum out of taxes , it is now very expensive. without allowing for salary and inerest of partners it is now 30% for the 8% or 6%, so it is better to disolve these partnerships and instead get it as individuals. for those who cannot for various reasons it is better to continue.