Audit Limit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2011 What is the exemption limit U/S 44AB i.e what turnover required for buisnessman & for the professional for compulsion of statutory audit in the Budget 2011-12.

Manish Sarawgi
Cost Accountant

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 March 2011 No amendment in section 44AB in the Union Budget 2011-12. Therefore, the limits fixed through Finance Act,2010 is prevailing.
1) For business if turn over exceeds Rs.60/- lacs.
2) For profession if gross receipts exceeds Rs.15/- lacs.

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