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Textile traders' association demands increase in audit limit
22 Feb '11
1 min read
Federation of Surat Textiles Traders' Association (FOSTTA) has recently urged the Union Finance Minister to enhance the limit of compulsory audit from Rs 6 million to Rs 15 million.
According to the association, the TDS limit on job charges should be increased from the current Rs 75,000 to Rs 5 lakh for the textile traders in order to attain a growth rate ranging between 10 to 20 percent.
The association had asked the Union Finance Minister to increase the income tax minimum limit from the present Rs 2.5 lakh to Rs 3 lakh.
As per the current system, those who are not in a position to show eight percent net profit in their annual return should go for the audit. In the current scenario, where the wholesale market is competitive, it is not feasible for any trader to show eight percent net profit in their annual return.
The association, therefore, demanded for the elimination of this clause and pointed out that if one does not make 15 percent gross profit then it will not be possible to show eight per cent net profit.
According to the association, the TDS limit on job charges should be increased from the current Rs 75,000 to Rs 5 lakh for the textile traders in order to attain a growth rate ranging between 10 to 20 percent.
The association had asked the Union Finance Minister to increase the income tax minimum limit from the present Rs 2.5 lakh to Rs 3 lakh.
As per the current system, those who are not in a position to show eight percent net profit in their annual return should go for the audit. In the current scenario, where the wholesale market is competitive, it is not feasible for any trader to show eight percent net profit in their annual return.
The association, therefore, demanded for the elimination of this clause and pointed out that if one does not make 15 percent gross profit then it will not be possible to show eight per cent net profit.
Fibre2fashion News Desk - India
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