In finance bill 2020, it was proposed to increase the tax audit limit u/s 44AB to 5 cr from existing 1 cr.
My question is if the presumptive limit increased. If so, what the new limit is.
Thank in Advance.
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Tax Audit Limit
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Quick Summary
No No...
please refer once again the FB 2020...
please refer once again the FB 2020...
The limit increase under FB 2020 is when you are having 95% of trabsactions though Bank and less than 5% in cash.
However the presumptive tax limit is not increased.
However the presumptive tax limit is not increased.
Let me put down the changes in 44AB
Turnover limit is 1 crore or more for assessees in general but but
Turnover limit will be 5 crores for those assessees (effective from FY 2020-2021)
---who has 95% or more of total receipts in digital mode /bank and
---who has 95% or more of total Payments in digital mode / bank
-----
For 44AD presumptive taxation turnover limit is as it is , upto 2 crores. No amendment in 44AD
Turnover limit is 1 crore or more for assessees in general but but
Turnover limit will be 5 crores for those assessees (effective from FY 2020-2021)
---who has 95% or more of total receipts in digital mode /bank and
---who has 95% or more of total Payments in digital mode / bank
-----
For 44AD presumptive taxation turnover limit is as it is , upto 2 crores. No amendment in 44AD
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