Small businesses with a total turnover of up to Rs. 2 crore will not be required to get their accounts audited, if they opt for presumptive taxation scheme, the finance ministry said on Monday. “The higher threshold (up to Rs.2 crore) for non-audit of accounts has been given only to assessees opting for presumptive taxation scheme under section 44AD,” the ministry said.
Hindustan Times New Delhi,21st June 2016
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