Life will be easier for small enterprises earning annual revenue up to Rs 60 lakh or a independent professional with gross receipts up to Rs 15 lakh as they no more have to get their accounts audited.
According to the Budget 2010-11, a businessman will not have to get his accounts audited if his sales are less than Rs 60 lakh a year. Earlier, the limit was Rs 40 lakh.
Likewise, for an independent professional, it has been revised upward from Rs 10 lakh in the Budget proposals.
“I, as Finance Minister, had introduced these limits in my budget of 1984. It is high time to reduce the compliance burden on small taxpayers,” Pranab Mukherjee said in his Budget speech. Source