Tax audit threshold increase raises turnover limits for specified professionals and firms, altering applicability of the audit requirement. Amendment increases monetary thresholds in section 44AA(2) by substituting 'forty thousand' with 'one lakh twenty thousand' and 'five hundred thousand' with 'ten lakh' at the respective occurrences, thereby raising the turnover and gross receipt limits that determine applicability of the provision; effective 1 April 1999.
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Provisions expressly mentioned in the judgment/order text.
Tax audit threshold increase raises turnover limits for specified professionals and firms, altering applicability of the audit requirement.
Amendment increases monetary thresholds in section 44AA(2) by substituting "forty thousand" with "one lakh twenty thousand" and "five hundred thousand" with "ten lakh" at the respective occurrences, thereby raising the turnover and gross receipt limits that determine applicability of the provision; effective 1 April 1999.
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