amendment in 44ab

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

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

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

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..???

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) .

thanks

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.