Increase in Audit Limit
This query is : Resolved
Mohd Sarfaraz Latibani
(Querist)
01 March 2010
I want to know is there any Increase in Audit Limit.If Yes?From Which it will be effected.
Thanks
Thanks
sivadas chettoor
(Expert)
01 March 2010
The present limit of Rs 40 lacs for business concerns and Rs 10 lacs for professionals have been increased to Rs 60 lacs and 15 lacs respectively. This amendment shall be applicable for the previous year commencing from 1-04-2010.
siva208@yahoo.com
siva208@yahoo.com
CMA Ramesh Krishnan
(Expert)
01 March 2010
YES.As per new budget the limits are increased w.e.f.1.4.2010
CA Ravi Sisodia
(Expert)
01 March 2010
for the purpose of tax audit(income tax act,1965), turnover limit increased 40 lakhs to 60 lakhs. this limit should be consider for the previous year 2010-11.
CMA Arif Farooqui
(Expert)
02 March 2010
agree with sivadas chettoor
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