Home / Knowledge / News / Textiles / Textile traders' association demands increase in audit limit
Textile traders' association demands increase in audit limit
Feb '11
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.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 26th Oct 2016

SGS develops 4C chemical management model for apparel

SGS, a leading inspection, auditing, certification, testing, and...

Textiles | On 26th Oct 2016

Platinum Equity acquires International Textile Group

International Textile Group (ITG) has been acquired by Platinum...

Textiles | On 26th Oct 2016

Whitehouse & URI Business Centre start RI textile network

Senator Sheldon Whitehouse and the University of Rhode Island...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search