Section 44ab

14. In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2011,—

 (a) in clause (a), for the words “forty lakh rupees”, the words “sixty lakh rupees” shall be substituted;

 (b) in clause (b), for the words “ten lakh rupees”, the words “fifteen lakh rupees” shall be substituted.

 15. In section 44AD of the Income-tax Act [as amended by section 20 of the Finance (No. 2) Act, 2009], in the Explanation, in clause (b), in sub-clause (ii), for the words “forty lakh rupees”, the words “sixty lakh rupees” shall be substituted with effect from the 1st day of April, 2011.

50. In section 271B of the Income-tax Act, for the words “one hundred thousand rupees”, the words “one hundred fifty thousand rupees” shall be substituted with effect from the 1st day of April, 2011.

Amendments are as follows:

In case of business, the threshold limit is increased from Rs 40 lacs to Ts 60 lacs

In case of profession, the threshold limit is increased from Rs 10 lacs to Rs 15 lacs

but sir if the turnover is not exceeding 60 lacs but the profit exceed 8 % then form ITR 4 is compulsory????

As per section 44AF, if turnover in a retail business is less than Rs.40 lakhs and income disclosed is 5% or more of gross receipts, then maintenance of books u/s 44AA is not compulsory. Thus, in case of retail business if turnover is Rs. 35 lakhs and income disclosed is 8%, then there is no requirement of maintaining the books of account as per the provisions of section 44AA.
It should be noted that from assessment year 2011-12, new section 44AD is applicable in case of all businesses, and hence from assessment year 2011-12, section 44AF will be inoperative. Following is an overview of new section 44AD :

• The scheme of presumptive taxation of section 44AD is applicable to a resident assessee who is an individual or Hindu undivided family or a partnership firm but not limited liability partnership firm.
• These provisions can be adopted by an assessee engaged in any business (except the business of plying, hiring or leasing goods carriages referred to in section 44AE), whose turnover or gross receipts from such business does not exceed Rs. 60,00,000 (Rs. 40,00,000 up to financial year 2009-10). Further, these provisions can be adopted by the assessee only if he has not claimed deduction under section 10A/10AA/10B/10BA or sections 80HH to 80RRB in the relevant year.
• In case of an assessee who is willing to adopt these provisions, income will be computed on estimated basis @ 8% of turnover or gross receipts of such business, for the previous year.
• Provisions relating to the payment of advance tax shall not apply to such an assessee, in respect of business covered under section 44AD.
• An assessee, who adopts provisions of section 44AD, is not required to maintain books of account as per section 44AA (applicable only for business covered by this section). Further, in respect of such business, the provisions of section 44AB (relating to audit) are also not applicable.
• An assessee can at his option declare higher income (i.e., higher than 8%).

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