Tax audit applicablity

F&O INCOME ON INDIVIDUAL 15LAC

INTEREST IS 30 LACS

CAPITAL GAIN SHORT TERM IS 35 LAC

TAX AUDIT APPLICABLE ?

Mr. Aditya Please tell me that whether the amendmend of increase the limit for audit of accounts u/s44AB from Rs 40 lacs to Rs 60 Lacs is applicable for A.Y. 2011-12 or for next year.

With effect from Ist  April 2011,  Will Apply in relation to Asst year 2011-12 and subsequent year

As per section 44AB ,every person carrying on business/ profession ,if his sales , turnover or gross receipts in business

exceeds60lakhs and in profession exceeds15 Lakhs during the previous year , in such cases the person have to get their audited .