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
Replies (3)
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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