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secrion 44ab

sujin (accounts executive) (219 Points)

10 February 2018

dear experts,
please let me know under section 44ab is 10000000cr and 20000000cr applicable to whom

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 10 February 2018

1. Firstly........ it is not 10000000cr but just 1 Cr. or 2 Cr.

2. Under section 44 AB a business having turnover of 1 Cr and above is mandatorily required to get its books of accounts audited..

3. But u/s. 44AD an assessee having any eligible business with TO upto Rs. 2 Cr, can declare income under presumptive method, there by no books of accounts are required to be maintained and as such no compliance of auditing books..

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Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2010 Points)
Replied 20 February 2018

Originally posted by : Dhirajlal Rambhia
	1. Firstly........ it is not 10000000cr but just 1 Cr. or 2 Cr. 2. Under section 44 AB a business having turnover of 1 Cr and above is mandatorily required to get its books of accounts audited.. 3. But u/s. 44AD an assessee having any eligible business with TO upto Rs. 2 Cr, can declare income under presumptive method, there by no books of accounts are required to be maintained and as such no compliance of auditing books..