Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, the 20th June, 2016
Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding
Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the total turnover or gross receipts of the relevant previous year does not exceed two crore rupees. The higher threshold for non-audit of accounts has been given only to assessees opting for presumptive taxation scheme under section 44AD.
(Meenakshi J Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.
Invitation For Empanelment Of Practising Chartered Accountants / Chartered Accountant Firms Forest Development Corporation of Maharashtra Limited (FDCM Limited), Nagpur,…
Press Registrar General of India (PGRI) invites application for empanelment of Chartered Accountants. The Press Registrar General of India manages…
CBDT notifies revised Form No. 169 for making application for registration as a valuer under section 514 and authorised income…
Curtailing time to file reply to notice u/s 148A(b) from statutorily available 30 days to 15 days seriously prejudiced assessee’s…
At the stage of registration u/s 12AB, the CIT(E) not empowered to adjudicate applicability of provisio to section 2(15) of…
Flower bed area could not be included in the definition of “built up area” to calculate eligible limit of 1000…