This in general I like to convey public view that who is worried or care about INCOME TAX?
First of all that turn over limit for AUDITING Accounts limited to RS.40 lakhs a long back. There after prices of all commodities have gone up number of times,is it possible to maintain profit ratio with turn over ?Possibly not. There are lot of traders who's monthly turnover is more than than 40 lakhs, but profit ratio has declined,hence in view of I T Act, they keep Turn over to below Audit limit. If the Audit Limit is raised to 2 crores from present limit there are plenty of scope of getting tax revenue,by way of vat tax,octroi, income tax etc. Act once framed is not reviewed from time to time. How many tax payers are in India,compare the data since 1962. Have you increased staff strenght in comparison to Tax payers population.
