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section 44AB
what is the limit of turnover or gross receipts from business and professions under section 44AB for AY 2017-18
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A person carrying on business:: when total sales, turnover, gross receipts exceeds Rs. 1 crore in the relevant year.
A person carrying on profession :: From financial year 2016-17 this limit is raised to Rs. 50 Lakhs.
For current FY is it is 2 cr and for professions 1cr
Even for current financial year 2017-18, the limits u/s. 44AB remains same. unless opted for presumptive scheme u/s. 44AD.
Starting financial year FY 2016-17, the turnover limit for businesses which can opt for presumptive income scheme has been increased from Rs 1 crore to Rs 2 crore. For financial year FY 2016-17, audit will apply for businesses with turnover in excess of 2 crore. (For Presumptive scheme)
Refer the Press release dated 20.06.2016 as attached.....
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