Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Tax audit

Surbhi Garg (Chartered Accountant) (64 Points)

30 November 2010

WHAT IS THE LIMIT FOR TAX AUDIT OTHER THAN COMPANIES..??

Reply
Follow
Share

11 Replies

MOHIT MAHAJAN (LCS, ACA) (2050 Points)
Replied 30 November 2010

https://www.simpletaxindia.org/2010/02/tax-audit-limit-44ab-enhanced-40-lakh.html

Upgrade to CAclubindia Pro. Subscribe Now!

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 30 November 2010

Originally posted by : Surbhi Garg
	WHAT IS THE LIMIT FOR TAX AUDIT OTHER THAN COMPANIES..??

Dear Surbhi

Limit Enhanced to 60 Lacs From 40 Lacs For All Types of Assessee (Business)

& 15 Lacs to Professionals From 10 Lacs

2 Like

Shalini Nayyar (Student) (365 Points)
Replied 30 November 2010

Ayush sir,

These amendments are proposed to take effect from 1st April, 2011 . So r these applicable for May 11 attempt ?

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 30 November 2010

Originally posted by : SHALINI
	Ayush sir, These amendments are proposed to take effect from 1st April, 2011 . So r these applicable for May 11 attempt ?

This Amendments Will Be Applicable From Assessment Year 2011-12.

and In May Attempt Assessment Year 2011-12 is Applicable.

Hence These Amendments are applicable.

1 Like

Shalini Nayyar (Student) (365 Points)
Replied 30 November 2010

Thank you sir for the clarification.

Upgrade to CAclubindia Pro. Subscribe Now!

(Guest)

Originally posted by : AYUSH AGRAWAL
	Originally posted by : SHALINI Ayush sir, These amendments are proposed to take effect from 1st April, 2011 . So r these applicable for May 11 attempt ? This Amendments Will Be Applicable From Assessment Year 2011-12. and In May Attempt Assessment Year 2011-12 is Applicable. Hence These Amendments are applicable.

Nitesh Mangal (CA-PCC Articale Assistant) (269 Points)
Replied 30 November 2010

for tax audit sale of assesse is rs. 60,00,000 or net profit is 15,00,000 in a financial year.

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 30 November 2010

Dear Nitesh

Your answer is incorrect. Tax audit is applicable as rightly said by Ayush when turnover is more than Rs. 60 lakhs or in case of professional gross receipts exceeds Rs. 15 lakhs from F. Y. 2010 - 11 relevant to A. Y. 2011 - 12 which is applicable to May 2011 exams.