Applicability Of Tax Audit 2020 Section 44Ab Vs Section 44Ad
Applicability of Section 44AB A Person who is carrying on business, and whose total sales/turnover/gross receipts from business exceeds Rs. 1 crore. Exception – The above provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales/turnover does not exceeds Rs. 2 crores.(Previously this limit was Rs. 1 Crore before 2016 Budget) A person who is eligible to opt for the presumptive taxation scheme of section 44AD but claims the profits or gains for such business under non – presumptive scheme which is lower than the profits and gains computed as per the presumptive taxation scheme of section 44AD and his income exceeds the amount which is not chargeable to tax....