(Sec. 44AB) Presently, certain persons carrying
on business or profession need to audit their accounts compulsorily
if their gross receipt is in excess of the threshold, the threshold
limits are proposed to be increased as follows:
- Persons carrying on business: from Rs. 60 lakhs to Rs. 1
crore
- Persons carrying on profession : from 15 lakhs to 25 lakhs
Computation of profits and gains of business on presumptive
basis
Sec. 44AD: Sec. 44AD provides that there shall
be presumptive tax at the rate of 8% of the turnover/gross receipts
of eligible assessee engaged in eligible business chargeable as tax
under the head profits and gains of business or
profession‟
New sub-sec. (6) to be inserted provides that the said Sec. will
not be applicable in following cases:
