CBDT clarifies the position on turnover threshold and applicability of Tax Audit

CBDT clarifies the position on turnover threshold and applicability of Tax Audit

CBDT clarifies the position on turnover threshold and applicability of audit in case of presumptive taxation regime u/s 44AD and regular tax audit u/s 44AB; Sec. 44AB mandates that every person carrying on business to get his accounts of any PY audited if total sales/turnover/ gross receipts exceed Rs. 1 crore; However, if taxpayer opts for presumptive taxation scheme u/s 44AD(1), audit is not required for turnover limit upto Rs 2 crores; CBDT clarifies that the higher turnover threshold of Rs. 2 crores for non-audit of accounts is granted only to assessees, opting for presumptive taxation scheme u/s 44AD: CBDT

Income Tax Returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Sec139, to be verified through ITR V Form by 31.08.16.CBDT Circular no.13/2016

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