Tax audit limit for F.Y.10-11
This query is : Resolved
17 January 2011
Dear All,
I want to know, what is the amended tax audit limit for f.Y.10-11.
ours is a partnership firm, its turnover is about to corss 55 lacs in this f.y.10-11.
so pls update me with latest tax audit limit for f.y.10-11.
Thanks in advacne,
Regards,
Sushil.
I want to know, what is the amended tax audit limit for f.Y.10-11.
ours is a partnership firm, its turnover is about to corss 55 lacs in this f.y.10-11.
so pls update me with latest tax audit limit for f.y.10-11.
Thanks in advacne,
Regards,
Sushil.
17 January 2011
Tax Audit Limit for FY 2010-11--
Every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in business exceed Sixty lakh rupees in the previous year. Similarly, a person carrying on a profession is required to get his accounts audited if the gross receipts in profession exceed Fifteen lakh rupees in the previous year.
Earlier it was Rs 40 & Rs 10 Lacs respectively.
Every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in business exceed Sixty lakh rupees in the previous year. Similarly, a person carrying on a profession is required to get his accounts audited if the gross receipts in profession exceed Fifteen lakh rupees in the previous year.
Earlier it was Rs 40 & Rs 10 Lacs respectively.
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