Dear readers, experts
Can any one please clarify the reason for increase of tax audit limit from Rs 60 Lacs to Rs l00 Lacs. In just 2 years the limit was increased from 40 Lacs to 100 Lacs which was intact from some decades.
Whats the ICAI doing in these regard?. In one side our presidents are saying that there is bright future of the current C.A in practice & on the other side the work is all most gone, now bank audit also gone away.
So what left with the new chartered accountants, the ICAI must seriously think over the matter.
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What's icai doing to protect interest of new practicing ca?
Replies (1)
I fully agree with CA. Nitin Agarwal. Our presidents saying in bright future for practicing CAs may shortly remains as just saying for all small practicing CAs. As it is bank audits gone away, turnover limit for tax audit has substantial increased, besides to that we are bound to maintain professional ethics to keep our profession paramount, which may not yet all applicable to tax consultants. Under the circumstances small CA firms' survival in practice may become crucial.
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