Opinion
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Letters to the Editor
Compulsory audit
Sir, — One of the provisions which requires an amendment at the coming Union budget is contained in Section 44AB of the Income-Tax Act, 1961. This section provides mandatory tax audit of accounts by a chartered accountant in business cases where the turnover exceeds Rs. 40 lakhs and in professional cases where the gross receipt exceeds Rs. 10 lakhs.
In the light of the changes in various limits in Sections 44AB, 40A(3), Section 80U, Section 44, Section 48, etc., from 3 to 20 times, it is absolutely essential in the interest of removing unnecessary hardship to the tax-payers to increase the limits for mandatory tax audit to Rs. 120 lakhs in business cases and Rs. 30 lakh in professional cases.
It is hoped that the Finance Minister will introduce a suitable amendment to Section 44AB at the time of Finance Bill, 2002.
R.N. Lakhotia,
New Delhi
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