What is the amended threshold limit for applicability of Sec. 44AB (Tax Audit) ?
Some say it is still Rs. 1 crore while some other sources say it has been raised to Rs. 2 crore.
Can someone clarify please ?
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Limit of 44AB
Replies (7)
| Originally posted by : Albert Benny | ||
 |
What is the amended threshold limit for applicability of Sec. 44AB (Tax Audit) ? Some say it is still Rs. 1 crore while some other sources say it has been raised to Rs. 2 crore. Can someone clarify please ? |  |
As per sec 44AB the Limit is One Crore...
The 2 Crore availability is based on sec 44AD. It's mean A eligible Assessee can opt u/s 44AD and its limit is Rs. 2Cr...
yes sir!.....Agree with RAJA P M
section 44AD(presumptive taxation scheme)
for business and not for profession!
it describes "200 lakhs(other than assessee's doing business u/s 44AE)".
@ Albert Benny:may be people got confused!!😅😅
section 44AD(presumptive taxation scheme)
for business and not for profession!
it describes "200 lakhs(other than assessee's doing business u/s 44AE)".
@ Albert Benny:may be people got confused!!😅😅
Yeah.. Albert Benny was also confused 🤔
and also brother
44AB: Says
if gross receipts in profession exceeds 50 lakhs,such assessee required to get their accounts audited...
in case of business,if total sales or turnover exceeds 1cr,assessee is subject to tax audit
44AB: Says
if gross receipts in profession exceeds 50 lakhs,such assessee required to get their accounts audited...
in case of business,if total sales or turnover exceeds 1cr,assessee is subject to tax audit
Dear Mr Albert Benny.,
No more changes in 44AB limit.
It's continued Rs. 1cr for Business....
It's continued Rs. 50L for Professions...
No more changes as per sec 44AB...
Are You understand...?!
It's only sec 44AB's based reply...
No more changes in 44AB limit.
It's continued Rs. 1cr for Business....
It's continued Rs. 50L for Professions...
No more changes as per sec 44AB...
Are You understand...?!
It's only sec 44AB's based reply...
@ RAJA P M I did understand sir. Thank you.
Yes... Well...
You are most welcome Dear...
You are most welcome Dear...
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