Increase in threshold for mandatory Tax Audit under section 44AB
In Budget 2012, The turnover limit for compulsory tax audit of accounts as well as for presumptive taxation under section 44AD is proposed to be raised frin Rs, 60 Lakhs to Rs. 1 Crore, in the case of persons carrying on business.
In case of 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.