F&O INCOME ON INDIVIDUAL 15LAC
INTEREST IS 30 LACS
CAPITAL GAIN SHORT TERM IS 35 LAC
TAX AUDIT APPLICABLE ?
Tax audit applicablity
Page no : 2
Kamal Gupta
(kmlgupta58@gmail.com)
(23 Points)
Replied 18 August 2011
Mr. Aditya Please tell me that whether the amendmend of increase the limit for audit of accounts u/s44AB from Rs 40 lacs to Rs 60 Lacs is applicable for A.Y. 2011-12 or for next year.
(Guest)
With effect from Ist April 2011, Will Apply in relation to Asst year 2011-12 and subsequent year
As per section 44AB ,every person carrying on business/ profession ,if his sales , turnover or gross receipts in business
exceeds60lakhs and in profession exceeds15 Lakhs during the previous year , in such cases the person have to get their audited .
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