Check sibling questions

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

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.