Re: [aurangabad_ca] EFFECT OF 44AB BUDGET AMENDMENT ON SMALL CA FIRM

Friday, February 26, 2010 4:42 AM By Livemail

 

Dear Friends,
 
44AB was introduced in 1984 as the FM himself said, was applicable from ay: 1985-86
Every thing has gone up and the limit if 10lakh & 40 laks is peanuts and small businessmen and professional will suffer.
Today even a local pan beeda fellow will have a TO of 40 lakhs.
After being in practice for 30 years in the coming year 2010-11 My gross revenue is likly to cross this limit.
What happens to me in present state:- get into to TAX audit and go to another CA for certifying my account?
 
NIL rate of tax slab for ay: 1985-86 [corresponding to introduction of 44AB] was Rs.15,000 for individual.
Now for 2010-11 the NIL rate is 1,60,000.00
That is it has gone up by 10.67 times
Then why not 44AB limit too raised to atleast 2.5 times?
That is 25 laks for profession and 100 lakhs for others.
 
There are enough and plenty of work. 44AE, 44AF etc will take care of your business.
 
I paid rent of Rs. 600.00 for my 600sqft premises in 1984-85 and now for the same premises I pay 10,000.00
If I were to look for new place it may have to shelve 15000.00 for the same area of office room.
CA membership fee has gone up from mere 60.00 per annum to 1600 now.
 
Then why not the exemption u/s 44AB be increased.
Infact the exp in cash must also be allowd upto atleast 50,000 from present 20000.00
 
PLEASE DO NOT BE MEAN.
 
sivaraman


 
On 2/26/10, CA. PRAMOD PARMAR <prpca2004@gmail.com> wrote:
 

Dear Members,
 
FM has increased Tax audit limit from 40 to 60 lacs
 
When I checked the no. of clients whose turnover is between 40 and 60 lacs it came to 15 parties
 
that means these parties are out of TAX and Vat audit for AY 2011-12
 
So our practice is reduce by 15 Tax and vat audit
 
Since they are prop. also TDS compliance is out
 
Direct effect of budget 2010-11 on my prof. fees
 
There are many CA Firms whose small client will be out of Audits
 
There is reduction in audits
 
any other areas for practice?
 
Regards,
CA P R Parmar
 
 


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