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AUDIT LIMIT INCREASED

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)

26 February 2010

Audit limit increased from 40 to 60 lac

for professional increased to 15 lac from 10 lac

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18 Replies

C A Anjani Kumar mundhra (Chartered Accountant Practicing) (429 Points)
Replied 26 February 2010

oh nooooooooo

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Mehul Joshi (Advocate) (34 Points)
Replied 26 February 2010

SURE ?

GOPAL GOENKA (STUDENT) (23 Points)
Replied 26 February 2010

lag gayi watt.........

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 26 February 2010

ITS DAMN SURE...

AND GUYS ITS FOR GOOD ONLY, AND GOPAL, WHY WATT LAG GAYIA

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 26 February 2010

FM prunes tax rates:
Income up to Rs 1.6 lakh - nil Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent
Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent
Income above Rs 8 lakh - 30 per cent.
Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.
New tax rates would offer relief to 60 per cent of tax-payers.
Government's net borrowing to be Rs 3,45,010 crore for 2010-11.
Additional deduction of Rs 20,000 allowed on long term infrastructure bonds for income tax payers; this is above Rs one lakh on saving instruments allowed already.
A unique identity symbol would be provided to the Indian Rupee in line with US Dollar, British Pound Sterling, Euro and Japanese Yen.
Fiscal deficit seen at 4.8 per cent and 4.1 per cent in 2011-12 and 2012-13 respectively.
Total expenditure pegged at Rs 11.8 lakh crore, an increase of 8.6 per cent.
Gross tax receipts pegged at Rs 7,46,656 crore for 2010-11, non-tax revenues at Rs 1,48,118 crore.
FM appeals to "misguided elements" (left wing extremists) to eschew violence and join the mainstream.
Planning Commission to prepare integrated action plan for Naxal-affected areas.
Defence allocation pegged at Rs 1,47,344 crore in 2010-11 against Rs 1,41,703 crore in the previous year. Of this, capital expenditure would account for Rs 60,000 crore.
Fiscal deficit pegged at 6.9 per cent in 2009-10 as against 7.8 per cent in the previous fiscal.
Finance Minister to continue giving cash subsidy for fuel and fertiliser instead of previous practice of bonds.
Non-plan expenditure pegged at Rs 37,392 crore and Plan expenditure at Rs 7,35,657 crore in budget estimates. 15 per cent increase in plan expenditure and six per cent in non-plan expenditure.

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RADHIKA JALAN (agarwal) (1521 Points)
Replied 26 February 2010

ya itz gud only.............

Vicky..!! 4m del........ (Article) (39 Points)
Replied 26 February 2010

yaar ye 60lakh to kahin likha hi nahin hai, lekin 10 se 15 jarur ho gayi hai..........

Debasis Swain (Jr Accuntant) (23 Points)
Replied 26 February 2010

Changes of Slab limit

it would not be benificial to nornal persn

Pramod Kalantri (Assisiant Manager) (235 Points)
Replied 26 February 2010

pls sir tell me how beneficial for practising ca for incresse in audit limit

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 26 February 2010

@ Vicky... Its written brother... I've not get that 60 lacs on my own... So, be assured

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 26 February 2010

@ Pramod...

Hiii, i think ur answer lies wid u only...

Just think about, a CA is carrying on regular business of PURCHASE-SALE

or he carries a PROFESSION??\

U'll get ur answer

Kaushal (PROPERIETOR) (52 Points)
Replied 26 February 2010

To me from a small and medium size Practitioner it is not so good. Because from my perosnal experience many small business will fall in between 40 lacs to 60 lacs which can easily escape audit and accordingly revenue loss for CAs. Tax audit is a good source to bring other work assignments to CAs.