Limit for audit
Querist : Anonymous
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
also plz clarify wat is the penalty if one fails to get his a/cs audited & files the ITR
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.
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