Ay 2017-2018 - section 44ab, 44ad, 44ada

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PROPRIETOR
342 Points Posted on 24 May 2017

For the AY 2017-2018

the Turnover limit under section 44AD was increased to 2crores, whereas the Limit under Section 44AB was not changed and remained at 1Crores.

similarly the provision for Professional remained at 25 Lacs, whereas a new subsection 44ADA was introduce with the limit of 50 lacs.

Now is this an error or something difficult to understand what FM wanted...

 

 

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On 24 May 2017 at 17:09 Report
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CA Practice
2402 Points Posted on 24 May 2017
It is not a mistake. It has been done deliberately. Section 44AD and 44ADA are with conditions apply. It's not as straightforward as it looks.
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On 24 May 2017 at 17:18
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PROPRIETOR
342 Points Posted on 24 May 2017

Most of the Articles and comments by many CA says it is error...

and nor there any article which says this is done deliberately and explain the real hidden points of this clause...

so maybe you can throw some light and what is the intention behind it...

 

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On 24 May 2017 at 19:39
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CA Practice
2402 Points Posted on 24 May 2017
If it were to be an error they would have rectified it already. It is not an error. I don't know the exact intention for doing this.
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On 24 May 2017 at 19:54
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PROPRIETOR
342 Points Posted on 24 May 2017

well i could not find any reason behind it on Google atleast...

and now one of my client who has opted for 44AD in AY 2016-2017 has Turnover of 1.5 Cr in AY 2017-2018.. so the problem starts here :(

can he opt for 44AB or not ?

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On 24 May 2017 at 20:03
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CA Practice
2402 Points Posted on 24 May 2017
Your client can opt out of Section 44AD in AY 2017-18 by virtue of Section 44AD(4) but he will not be able to opt for it for the next 5 years. He will liable for Tax Audit US 44 AB.
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On 24 May 2017 at 20:19
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FCA
110 Points Posted on 28 May 2017
it is an error which rectified in budget 2017
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On 28 May 2017 at 23:37

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