In budget Tax Audit limit is proposed to raised Rs.60,00,000/- to Rs. 1,00,00,000/-. Please comment on implication of this on CA profession.
Suraj S
(Audit Executive)
(335 Points)
Replied 16 March 2012
Here, what i got the information is that the limit is raised for SMEs. Now, what does this SMEs mean? Does it affect only Small Industries that are registered so or any kind of small business?
Mohd Azam
(CA Practice )
(15 Points)
Replied 17 March 2012
EVEN OTHERWISE TAX AUDIT BELOW 1 CRORE WERE NOT REMUNERATIVE.
Mohd Azam
(CA Practice )
(15 Points)
Replied 17 March 2012
THE DEPARTMENT SHOULD ALSO PRESCRIBE THE FEES SCALE FOR TAX AUDITS AS IS THE CASE FOR BANK AUDIT BY RBI
ACMA-ICAI
(DGM-Global Voice Business)
(1052 Points)
Replied 17 March 2012
13. In section 44AB of the Income-tax Act,—
(i) in clause (a), for the words “sixty lakh rupees”, the words “one crore rupees” shall be substituted with effect from the 1st day of April, 2013;
(ii) in clause (b), for the words “fifteen lakh rupees”, the words “twenty-five lakh rupees” shall be substituted with effect from the 1st day of April, 2013;
(iii) in the Explanation, in clause (ii), for the words, figures and letters “the 30th day of September of the assessment year”, the words, brackets and figures “the due date for furnishing the return of income under sub-section (1) of section 139” shall be substituted
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