Good news for small Scale Industries or Small Business man that the limit of Audit under section 44AB increased from Rs. 15 Lakhs to Rs. 25 Lakhs from the year 2012-13. The Compulsory or regular tax audit Limit also increased from Rs. 60 Lakhs to Rs. 1 Crore from current financial year under section 44AD.
In case the person caring the business which turnover rise or cross the amount of Rs. 1 Crore, must Tax Audit Case under section 44AD of Income Tax Act.
In case the persons carrying on profession the limit for gross receipts to attract compulsory tax audit is proposed to be raised from Rs. 15 Lakhs to Rs. 25 Lakhs.
In case the person caring the business which turnover rise or cross the amount of Rs. 1 Crore, must Tax Audit Case under section 44AD of Income Tax Act.
In case the persons carrying on profession the limit for gross receipts to attract compulsory tax audit is proposed to be raised from Rs. 15 Lakhs to Rs. 25 Lakhs.
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