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of <h1>CBDT Updates Income Tax Act Section 143(3) Limits: New Caps for Assessments and Audit Checks Announced.</h1> The circular from the Central Board of Direct Taxes (CBDT) dated October 7, 1970, modifies the monetary limits for assessments under Section 143(3) of the Income Tax Act, 1961. The limits are increased to Rs. 15,000 (Rs. 20,000 for Bombay and Calcutta). For business incomes between Rs. 7,500 and 20,000, 10% of cases will be scrutinized based on criteria set by the commissioner, with an element of surprise to prevent manipulation. A sample check of 2% is advised, with the option to increase. Additionally, 20% of assessments within enhanced limits will undergo an audit test check. The small Income scheme will continue for the financial year 1970-71.
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