sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Auditing »
 Supreme Court puts the spotlight on audit firms
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor

Govt to raise audit limit, Textile traders urge
February, 22nd 2011

Federation of Surat Textiles Traders' Association (FOSTTA) has requested Union finance minister to raise the bar of mandatory audit from Rs 60 lakh to Rs 1.5 crore. It said the TDS limit on job charges must be raised for the textile traders from the present Rs 75,000 to Rs 5 lakh to achieve a growth rate between 10 to 20 per cent.

In a letter to Union finance minister, the association also demanded raising the income tax minimum limit to Rs 3 lakh from the current Rs 2.5 lakh.

The association feels that Surat is ranked among the top 10 cities of the country but lacks basic facilities affecting growth of its business sector. The letter raised the issue of air connectivity and said the city must have proper air connectivity for passengers and cargo. The association also wanted expansion of railway station and setting up of a proper port for maritime transport.

Under the present system, those who don't show eight per cent net profit in their yearly return must get the  audit done. But, in the present day competitive wholesale market, it is not possible for a trader to have eight per cent net profit. Demanding removal of this clause, the association says unless one makes 15 per cent gross profit, it will not be possible to have eight per cent net profit.

In a letter to Central Board of Direct Taxation, FOSTTA has said that for the textile industry in the city to grow at 20 per cent, a conducive atmosphere is required. With some small concessions, the Central government will be able to generate enough optimism, it said and urged that these demands be included in the 2011-12 budget.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions