audit limit

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Aloke Kundu

Aloke Kundu (Querist)
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01 June 2011 WHAT IS THE AUDIT LIMIT FOR ASST. YEAR 2011-12 ? IF CAHNGE THE LIMIT 40LAKHS PLEASE ENSURE THE LIMIT?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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01 June 2011 As per Section 44AB following is applicable for Asst Year 2011-12:

Every person,—
(a) carrying on business shall, if his total sales, turnover or gross receipts,
as the case may be, in business exceed or exceeds sixty lakh rupees or
(b) carrying on profession shall, if his gross receipts in profession exceed
fifteen lakh rupees
get his accounts audited as per provisions of Section 44AB

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