Tax Audit Threshold Limit in presumptive taxation u/s 44AD is Rs. 2 Crore

CBDT vide press release dated 20-06-2016 clarified that if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the total turnover or gross receipts of the relevant previous year does not exceed two crore rupees. The higher Tax Audit Threshold Limit for non-audit of accounts has been given only to assessees opting for presumptive taxation scheme under section 44AD.

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