Part IIIAMENDMENT TO THE ELECTION COMMISSION (CONDITIONS OF SERVICE OF ELECTION COMMISSIONERS AND TRANSACTION OF BUSINESS) ACT, 1991 (From Clause 144 )
Audit threshold amendment clarifies cash receipt and payment limits and advances the specified audit due date by a month. The amendment to section 44AB provides that where a person's aggregate cash receipts and aggregate cash payments in a previous year do not each exceed the ... Summary
Audit threshold amendment clarifies cash receipt and payment limits and advances the specified audit due date by a month.
The amendment to section 44AB provides that where a person's aggregate cash receipts and aggregate cash payments in a previous year do not each exceed the prescribed small proportion of total receipts and payments, the clause (a) audit threshold will be treated as replaced by a higher threshold; additionally, the Explanation is amended to define the specified date as one month prior to the due date for furnishing the return under section 139(1).
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