Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
Open DEMAT Account with in 24 Hrs and start investing now!
Auditing »
Open DEMAT Account in 24 hrs
 NFRA issues Draft Procedure for Submission of Audit Files
 Auditors barred from putting a value on companies they are auditing
 Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
  Standard on Internal Audit (SIA) 9, Communication with Management
  Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting