All businesses with a turnover exceeding Rs.40 lakh are currently required to have their accounts audited. A similar provision also applies to all professions whose receipts exceed Rs.10 lakh. He as, Finance Minister, had introduced these limits in my budget of 1984 and thought it was high time to reduce the compliance burden on small taxpayers and so proposed to enhance these limits to Rs.60 lakh in the case of businesses and Rs.15 lakh in the case of professions.
To facilitate the business operations of small taxpayers, he had extended the scope of presumptive taxation to all small businesses with a turnover of up to Rs.40 lakh. To further reduce the compliance burden on small taxpayers, he now proposed to enhance this limit to Rs.60 lakh. The threshold limits of payments below which tax is not deductible at source have remained unchanged for a long time. and proposed to rationalise these thresholds.
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