The requirement of audit u/s 44AB, doesn't apply to a person who declares profits/gains on a presumptive basis u/s 44AD and his total sales/turnover/gross receipts doesn't exceed __________.

CS Executive · Tax Laws and Practice · PYQS · June 2021
The requirement of audit u/s 44AB, doesn't apply to a person who declares profits/gains on a presumptive basis u/s 44AD and his total sales/turnover/gross receipts doesn't exceed __________.
(A) One crore
(B) Two crore
(C) Five crore
(D) 50 lakhs

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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