TAX AUDIT LIMIT UNDER INCOME TAX ACT SHOULD BE INCREASED FROM Rs.40,00,000 to Rs.2.00 Crores. As the exsisting limit was continuing since last 15 years. In metro cities like Mumbai, Delhi even a small panwala or bania is also crossing this turnover limit. If this limit is increased small businessman can also declare more turnover & more profit which also helps to increase tax collections.
