- Partheep
- | Income Tax - Downloads
- 15 May 2020
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APPLICABILITY OF Section 44AB
Every person carrying on:
> Business having turnover > 1 Crore rupees
> Profession having gross receipts > 50 lakh rupees
> Profit as per 44AE OR 44BB OR 44BBB OR 44ADA > Actual profit
> Business to which sub-sec (4) of Sec 44AD applicable and income exceeds maximum amount not chargeable to tax.
Amendment to 44AB vide Finance Act 2020
Proviso is inserted
In order to reduce compliance burden on small and medium enterprises, it is proposed to increase the threshold limit for a person carrying on business from one crore rupees to five crore rupees in cases where,-
(i) Total cash receipts </= 5 % of total receipts; and
(ii) Total payments </= 5% of total payments.
| Particulars | Ram Ltd | Ravi Ltd | Raghu Ltd |
| Turnover | 4,20,00,000 | 3,50,00,000 | 70,00,000 |
| Cash receipts | <5% | <5% | <5% |
| Cash Payments | <5% | <5% | <5% |
| Audit Applicability |
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Tags: section 44AB, Tax Audit
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Qualification: Student - CA/CS/CMA
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Location: Chennai, Tamil Nadu, IN
Member Since: 15 May 2020 | Total Posts: 2
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