For FY 2015-16 (AY 2016 - 17)

  • If Turnover of Business upto 1 Crore,then 8 % of Turnover is Profit
  • No need to make books of accounts
  • No need to do Audit

Sectio 44AD Scheme

  • For FY 2016-17 (AY 2017-18)
  • If Turnover of Business upto 2 Crore,then
  • 8 % of Turnover is Profit for Cash Transactions
  • 6% of Turnover is Profit for Other Transactions
  • No need to make books of accounts
  • No need to do Audit

While Others Changes are applicable from FY 2017-18 (AY 2018-19), this budget change is applicable from FY 2016-17 (AY 2017-18) onwards

  1. Tax Practical
  2. Budget Amendments - Changes in 2017-18
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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