THE GOVERNMENT OF INDIA PROVIDE SOME MORE RELAXATION FOR SMALL TRADERS BY INCREASING THE LIMIT UNDER SECTION 44AB OF INCOME TAX ACT, 1961 OF Rs 40,00,000 TO Rs 60,00,000
THIS MEANS NOW TRADERS WHOSE GROSS RECEIPTS OR SALES ARE LESS THAN Rs 60,00,000, THEY ARE NOT REQUIRED TO GET THEIR ACCOUNTS AUDITED FROM AN QUALIFIED CHARTERED ACCOUNTANT UNDER THE CHARTERED ACCOUNTANT ACT, 1949 FROM ASSESSMENT YEAR 2011-2012
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