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Tax audit limit raised

Ajeet (CA) (239 Points)

16 March 2012

In budget Tax Audit limit is proposed to raised Rs.60,00,000/- to Rs. 1,00,00,000/-. Please comment on implication of this on CA profession.

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5 Replies

Suraj S (Audit Executive) (335 Points)
Replied 16 March 2012

Here, what i got the information is that the limit is raised for SMEs. Now, what does this SMEs mean? Does it affect only Small Industries that are registered so or any kind of small business?

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SWAPNIL PANDURANG CHAVAN (STUDENT) (21 Points)
Replied 17 March 2012

no of audits reduced...

Mohd Azam (CA Practice ) (15 Points)
Replied 17 March 2012

EVEN OTHERWISE TAX AUDIT BELOW 1 CRORE WERE NOT REMUNERATIVE.

Mohd Azam (CA Practice ) (15 Points)
Replied 17 March 2012

THE DEPARTMENT SHOULD ALSO PRESCRIBE THE FEES SCALE FOR TAX AUDITS AS IS THE CASE FOR BANK AUDIT BY RBI

ACMA-ICAI (DGM-Global Voice Business) (1052 Points)
Replied 17 March 2012

13. In section 44AB of the Income-tax Act,—
(i) in clause (a), for the words “sixty lakh rupees”, the words “one crore rupees” shall be substituted with effect from the 1st day of April, 2013;
(ii) in clause (b), for the words “fifteen lakh rupees”, the words “twenty-five lakh rupees” shall be substituted with effect from the 1st day of April, 2013;
(iii) in the Explanation, in clause (ii), for the words, figures and letters “the 30th day of September of the assessment year”, the words, brackets and figures “the due date for furnishing the return of income under sub-section (1) of section 139” shall be substituted