Tax Audit Limitation U/s 44 AB Increased From 1 Crore to 2 Crore. Exemption for audit of accounts u/s 44 AB increased to Rs 2 crore. Tax Audit Limitation U/s 44 AB Increased for Organization Persons. Hi there Friends in union spending plan 2017 Tax Audit Limitation U/s 44 AB increased from 1 crore to 2 crore for company.
Tax Audit Limit U/s 44 AB Increased From 1 Crore to 2 Crore
[Clause 20]
The existing arrangement of section 44 AB of the Act, inter-alia provides that everyone continuing the business is required to get his accounts examined if the overall sales, turnover or gross invoices in the previous year exceeds one crore rupees. The threshold limit for applicability of presumptive taxation in case of eligible business carried on by qualified individual under area 44 ADVERTISEMENT was increased to two crore rupees from one crore rupees with effect from 1st April, 2017 pertinent to Assessment year 2017-18 by Financing Act,2016 More vide press release dated 20 th June, 2016, it was clarified that if an eligible person select presumptive taxation plan according to section 44 ADVERTISEMENT( 1) of the Act, he will not be needed to get his accounts audited if the overall turnover or gross invoices of the pertinent previous year does not surpass 2 crore rupees.
Because of the above legislative modifications and to reduce the compliance concern of the small tax payers and assist in the ease of doing business, it is proposed to amend the section 44 AB to leave out the eligible individual, who declares profits for the previous year in accordance with the provisions of sub-section (1) of area 44 AD and his overall sales, total turnover or gross receipts, as the case might be, in company does not surpass two crore rupees in such previous year, from requirement of audit of books of accounts under section 44 AB.
This amendment will take effect from 1st April, 2017 and will, appropriately, apply in relation to the evaluation year 2017-18 and subsequent years.
Please Download Finance Bill 2017 From Below link …
Financing Bill 2017, Direct tax Modifications in Spending plan 2017– Download
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