CBDT clarifies the position on turnover threshold and applicability of Tax Audit

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CBDT clarifies the position on turnover threshold and applicability of audit in case of presumptive taxation regime u/s 44AD and regular tax audit u/s 44AB; Sec. 44AB mandates that every person carrying on business to get his accounts of any PY audited if total sales/turnover/ gross receipts exceed Rs. 1 crore; However, if taxpayer opts for presumptive taxation scheme u/s 44AD(1), audit is not required for turnover limit upto Rs 2 crores; CBDT clarifies that the higher turnover threshold of Rs. 2 crores for non-audit of accounts is granted only to assessees, opting for presumptive taxation scheme u/s 44AD: CBDT

Income Tax Returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Sec139, to be verified through ITR V Form by 31.08.16.CBDT Circular no.13/2016