Threshold Limit of tax audit under section 44AB and section 44AD

The Central Board of Direct Taxes (CBDT) has issued a press release clarifying the threshold limit of tax audit under Section 44AB and Section 44AD of the Income-tax Act, 1961 (the Act).

If an eligible person opts for presumptive taxation scheme under 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. It has been clarified that the higher threshold for non-audit of accounts has been given only to taxpayers opting for presumptive taxation scheme under Section 44AD of the Act

 Threshold Limit of tax audit under section 44AB and section 44AD

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