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NEW TAX AUDIT LIMIT AY 2024 25 I INCOME TAX NEW CHANGE FOR BUSINESSMEN AND PROFESSIONALS I ITR FILER
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NEW TAX AUDIT LIMIT AY 2024 25 I INCOME TAX NEW CHANGE FOR BUSINESSMEN AND PROFESSIONALS I ITR FILER
Increase in the threshold limit to opt for presumptive tax scheme [Section 44AD AND 44ADA
Change in Section 44AD Presumtive Tax Scheme for businesmen
To be considered an eligible business for the presumptive scheme under Section 44AD, there is a threshold of turnover not exceeding Rs. 2 crores in a year. If the turnover exceeds the threshold limit of Rs. 2 crores, the assessee would not be eligible to avail and offer its income on a presumptive basis. The Finance Act, 2023 increases such turnover threshold to Rs. 3 crores if the amount of cash received during the previous year does not exceed 5% of the total turnover or gross receipt of such year.
Change in Section 44ADA Presumtive Tax Scheme for professionals
To be considered an eligible profession for the presumptive scheme under Section 44ADA, there is a threshold of gross receipt not exceeding Rs. 50 lakhs in a year. If the gross receipt exceeds the threshold of Rs. 50 lakhs, the assessee would not be eligible to offer its income on a presumptive basis. The Finance Act, 2023 increases such gross receipt threshold to Rs. 75 lakhs if the amount of cash received during the previous year does not exceed 5% of the total gross receipts of such year. It is also expressly provided that receipts through the mode of cheque or a bank draft which is not an account payee, shall be considered a receipt in cash.
#taxaudit #IncomeTaxAudit #section44AD #Section44ADA #presumtiveScheme
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DISCLAIMER ***
This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.
Increase in the threshold limit to opt for presumptive tax scheme [Section 44AD AND 44ADA
Change in Section 44AD Presumtive Tax Scheme for businesmen
To be considered an eligible business for the presumptive scheme under Section 44AD, there is a threshold of turnover not exceeding Rs. 2 crores in a year. If the turnover exceeds the threshold limit of Rs. 2 crores, the assessee would not be eligible to avail and offer its income on a presumptive basis. The Finance Act, 2023 increases such turnover threshold to Rs. 3 crores if the amount of cash received during the previous year does not exceed 5% of the total turnover or gross receipt of such year.
Change in Section 44ADA Presumtive Tax Scheme for professionals
To be considered an eligible profession for the presumptive scheme under Section 44ADA, there is a threshold of gross receipt not exceeding Rs. 50 lakhs in a year. If the gross receipt exceeds the threshold of Rs. 50 lakhs, the assessee would not be eligible to offer its income on a presumptive basis. The Finance Act, 2023 increases such gross receipt threshold to Rs. 75 lakhs if the amount of cash received during the previous year does not exceed 5% of the total gross receipts of such year. It is also expressly provided that receipts through the mode of cheque or a bank draft which is not an account payee, shall be considered a receipt in cash.
#taxaudit #IncomeTaxAudit #section44AD #Section44ADA #presumtiveScheme
msme PAYMENTY WITHIN 45 DAYS
TaxHeal Mobile App Download GST TAx and GST Daily updates on Mobile:
tax audit,audit,ca final tax audit,tax,tax vs audit,audit vs tax,tax audit report,how to do tax audit,tax audit applicability,tax audit report form 3cd,ca final audit,audit or tax,tax or audit,tax audit limit,what is tax audit,form 3cd tax audit,tax audit in hindi,tax audit lecture,,tax audit for ay 2024-25,conditions of tax audit,applicability of tax audit,how to do tax audit step by step, audit,tax audits
DISCLAIMER ***
This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.
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