Limit for audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2011 Plz provide the limit for Audit for Professioanls & Business income (both) for F.Y 2008-09, 2009-10 & 2010-11

Nirpendra Singh

Nirpendra Singh (Expert)
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26 September 2011 Limit of Income:
For the F.Y 2008-09 & 2009-2010
Business Income- Rs. 40lacs
Professional Income- Rs. 10lacs

For the F.Y 2010-11
Business Income- Rs. 60lacs
Professional Income- Rs. 15lacs

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2011 thnx a ton
also plz clarify wat is the penalty if one fails to get his a/cs audited & files the ITR

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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26 September 2011 For Audit:
FY 2009-10
0.5 % of turnover or Rs 1 Lacs, which ever is lover

FY 20010-11
0.5 % of turnover or Rs 1.5 Lacs, which ever is lover

FOR ITR:
Rs 5000 for FY 2009-10 & 2010-11

Along with this Intt. u/s 234A, B & C will be levied extra

Further revised return not allowed and loosed the benefit to C/f losses and deprecation.