INDIVIDUAL/PROPRIETORY CONCERN & PARTNERSHIP FIRM HAVING TURNOVER OF 40 LAKHS OR MORE & GROSS RECEIPTS OF 10 LAKHS OR MORE ARE REQUIRED TO GET THEIR ACOCUNTS AUDITED U/S 44AB OF I.T.ACT. THIS PROVISION WAS INTRODUCED IN THE YEAR 1985. CONSIDERING THE INFLATION & COMMODITY PRICES OVER 1985, THE LIMIT REQUIRES TO BE ENHANCED TO AT LEAST 3 CRORES.
TDS IS DEDUCTIBLE BY INDIVIDUAL/PROPRIETORY CONCERN HAVING AUDIT U/S 44AB. THIS MAY BE REMOVED AS INDIVIDUAL CONCERN ARE VERY SMALL IN NATURE AND LOT OF PAPER WORK IS INVOLVED IN REMITTANCE EVERY MONTH & FILING OF RETURN EVERY QUARTER
MURARI GOENKA
VICE-PRESIDENT
THE MADURA YARN MERHANTS ASSOCIATION LTD
MADURAI
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