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 previous year 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