New Delhi. In the Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, 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 profession. 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.

With a view to give a boost to investment in the tourism sector, the benefit of investment linked deduction under the Act has been extended to new hotels of two star category and above any where in India.

To provide one time interim relief to the housing and real estate sector, pending projects have been allowed to be completed within a period of five years instead of four years for claiming a deduction on the profits. The norms for built up area of shops and other commercial establishments in housing projects have been relaxed to enable basic facilities for the residents.