tax audit limit u/s 224(1B)
This query is : Resolved
09 June 2010
PLEASE LET ME KNW FROM WHICH YEAR CEILING FOR TAX AUDIT HAS INCREASED FROM 30 TO 45
09 June 2010
Tax Audit Limit Increased From 30 to 45 (11-05-2007)
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As members are aware, the maximum limit of Tax Audit for a member in practice, as individual or as a partner in a firm, was fixed at 30 as back as in 1989 with the objective of ensuring quality and equitable distribution of work. In view of fast expanding economy and increase in number of such assignments coinciding with enhancement of professional competence of members to perform quality services in an IT-enabled environment, it was decided to review the maximum Tax Audit limit. As such, the Council of the Institute at its 268th meeting held from 30th April to 2nd May 2007 has decided to increase the Tax Audit limit for practising Chartered Accountants, as individual or as a partner in a firm, from 30 to 45.
So effective from may 2007
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As members are aware, the maximum limit of Tax Audit for a member in practice, as individual or as a partner in a firm, was fixed at 30 as back as in 1989 with the objective of ensuring quality and equitable distribution of work. In view of fast expanding economy and increase in number of such assignments coinciding with enhancement of professional competence of members to perform quality services in an IT-enabled environment, it was decided to review the maximum Tax Audit limit. As such, the Council of the Institute at its 268th meeting held from 30th April to 2nd May 2007 has decided to increase the Tax Audit limit for practising Chartered Accountants, as individual or as a partner in a firm, from 30 to 45.
So effective from may 2007
09 June 2010
here is the link for the circular
https://www.icai.org/post.html?post_id=1349
https://www.icai.org/post.html?post_id=1349
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