- Partheep Krishna Achanala
- | Income Tax - Downloads
- 15 May 2020
- 4,029 Views
- 0 comment
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 |
Access Denied! Only Regstered Users Can Download The File "PPT- Explanation to 44 clauses of Form 3CD". Register Here or Login
Tags: section 44AB, Tax Audit
Kindly Refer to Privacy Policy & Complete Terms of Use and Disclaimer.
Author Bio
Qualification: Student - CA/CS/CMA
Company: N/A
Location: Chennai, Tamil Nadu, IN
Member Since: 15 May 2020 | Total Posts: 2
My Published Posts
More Under Income Tax
Latest Posts
- Validity of Addition solely based on section 132(4) search statement
- Statement recorded during survey without any supporting evidence have no Evidentiary value
- Enquiry only on limited issues when case selected for limited scrutiny without approval of PCIT
- ICAI warns Students & members- Issues advisory for ‘objectionable’ social media posts
- TDS not deductible on Interest to Associate Members by Co-Op Credit Society
- PoSH Act: Consequences of Sexual Harassment Cases on Image of Organisations
- Section 194Q TDS on Payment Towards Purchase of Goods
- Power to attach bank account should be exercised strictly as it entails serious consequences
- Appointment of auditor to fill casual vacancy
- Issue of Bonus Shares under Companies Act, 2013 with FAQs
Popular Posts
- Important Alert – Upcoming statutory Due Dates- You Must Know
- Validity of Service Tax Notices Based on Form 26AS
- Request for Extension of due date of GST Annual Return GSTR 9 and GST Audit 9C
- Extend Due Date for Furnishing GSTR-9 & GSTR-9C for FY 2019-20
- Request to grant Extension for GSTR 9 & GSTR 9C – FY 2019-20
Featured Posts
- Opted QRMP Scheme – Pay GST by 25th
- Validity of Service Tax Notices Based on Form 26AS
- Submit Letter of Undertaking (LUT) for FY 2021-22 by 31.03.2021
- Rumor about attachment of Property of CA/Advocate for lower GST Tax payment by client
- Budget 2021: GST Audit by professionals scrapped?
