Small businesses and professionals extended relief

New Delhi, Feb.26 (ANI): The limits for turnover above which accounts need to be audited has been enhanced to Rs. 60 lakh (from the present Rs. 40 lakh) for businesses and to Rs. 15 lakh from the present Rs. 10 lakh for professionals.

Limit of turnover for the purpose of presumptive taxation of small business has been enhanced to Rs. 60 lakh.

To facilitate the conversion of small companies into Limited Liability Partnership, transfer of assets as a result of such conversion will not be subject to capital gains. (ANI)