Income tax

 CBDT press release dated 20.06.2016 clarifying that higher threshold limit for non-audit of accounts has been given only to assesses opting for presumptive taxation scheme u/s 44AD of the Act. In other words, it means that turnover / total sales / gross receipt level fixed to be greater than Rs.1 crore attracting tax audit provisions u/s 44AB of the Act still prevails but assesses who claim benefit of section 44AD of the Act can avoid tax audit upto the total turnover limit of Rs. 2 crores even. 

So, if you declare your income u/s. 44AD with minimum 8% ( 6% for bank transected TO), no tax audit applicable. Otherwise tax audit u/s. 44AB applicable for TO above 1 Cr.

Corresponding amendments now have been made to section 44AB and section 44AD to the effect that return u/s 44AD can be filed for turnover up to Rs 2 crore subject to other conditions of section 44AD and threshold for tax audit u/s 44AB shall remain at Rs 1 crore.