Under the existing provisions of section 44AB, of Income Tax Act, every person carrying on business is required to get his accounts audited 1) if the total sales, turnover or gross receipts in the previous year exceed sixty lakh rupees. 2) Similarly, a person carrying on a profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed fifteen lakh rupees. From Financial year 2012-2013, In order to reduce the compliance burden on small businesses and on professionals, the threshold limit is increased - i) in case total sales, turnover or gross receipts, specified under section 44AB for getting accounts audited, from sixty lakh rupees to one crore rupees in the case of persons carrying on business and ii) in the case of persons carrying on profession from fifteen lakh rupees to twenty five lakh rupees From Financial year 2012-2013, for the purposes of presumptive taxation under section 44AD, the threshold limit of total turnover or gross receipts would be increased from sixty lakh rupees to one crore rupees. S No FINANCIAL YEAR LIMIT (BUSINESS) PROFESSIONAL 1 2009-10 40 lakh 10 Lakh 2 2010-11,2011-12 60 Lakh 15 Lakh 3 2012-13 ONWARDS 100 Lakhs 25 Lakhs - See more at: taxdost/tax-audit-limit-44ab-enhanced-60-lakh-to-100-lakh-15lakh-to-25-lakh/#sthash.SnJ3t0s0.dpuf
Posted on: Fri, 26 Jul 2013 13:18:36 +0000
Trending Topics
Recently Viewed Topics
© 2015