Finance Act 2010 - Sec.44AB.. Related amendments in Sec.44AD & Sec.271B

Related amendment in Sec44AD& Sec271B..

Sec44AD - Now it covers all businesses with Total Turnover/Gross Receipts upto Rs.60L & 8% of total turnover/gross recpt wud b the business income.

Sec271B-In case of failure to get a/c audited&Report filed,
Penalty =0.5%of turnover/gross recpt OR Rs.1.50Lacs whichever is less