CHAPTER III
DIRECT TAXES
Income-tax
Amendment of section 44AB.
14. In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2011,—
(a) in clause (a), for the words "forty lakh rupees", the words "sixty lakh rupees" shall be substituted;
(b) in clause (b), for the words "ten lakh rupees", the words "fifteen lakh rupees" shall be substituted.
Notes on Clauses:
Clause 14 of the Bill seeks to amend section 44AB of the Income tax Act relating to audit of accounts of certain persons carrying on business or profession.
The existing provisions contained in clause (a) of the aforesaid section make it obligatory for every person carrying on business to get his accounts of any previous year relevant to the assessment year audited by an accountant before the specified date if the total sales, turnover or gross receipts in business for the previous year exceeds forty lakh rupees.
It is proposed to enhance the said limit from forty lakh rupees to sixty lakh rupees.
The existing provisions contained in clause (b) of the aforesaid section make it obligatory for every person carrying on profession to get his accounts of any previous year relevant to the assessment year audited by an accountant before the said specified date if his gross receipts in profession for the previous year exceed ten lakh rupees.
It is proposed to enhance the said limit from ten lakh rupees to fifteen lakh rupees.
These amendments will take effect from 1st April, 2011, and will, accordingly, apply in relation to the assessment year 2011- 2012 and subsequent years.
