Presumptive tax: No audit for up to 2-cr turnover

NEW DELHI: 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,

NEW DELHI: 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.

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