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Tax audit limits enhanced to 1 crore from 60 lakhs and to 25 lakhs from 15 lakhs

Section 44AB has amending from time to time (by increasing the audit limits) with a view to reduce the compliance burden of small business and professionals.From assessment year 2013-2014 onwards, any person carrying business having gross receipts, total turnover, total sales in the previous year exceeding Rs 1 crore (earlier 60 lakhs) has to get his accounts audited under section 44AB.

In the case of persons carrying on profession will also have to get his accounts audited under section 44AB before the specified date, if the gross receipts in the previous year exceeds Rs 25 lakhs( earlier 15 lakhs).

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