Income tax return

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Manoj Sehrawat (Querist)
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17 December 2010 In case of professional
1. what is audit limit
2. is Gross receipt should be equal to audit limit or net profit equal to limit then it liable to audited
3 what is minimum % of net profit in professional cases.
4 what is the limit of record of books of account

Aditya Maheshwari

Aditya Maheshwari (Expert)
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17 December 2010 1. from F. Y. 2010 - 11 - Rs. 15 lakhs
2. gross receipt should be more than Rs. 15 lakhs not relevant.
3. 30 - 60%
4. (i) if his income from business or profession exceeds 4[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 5[ten lakh] rupees in any one of the three years immediately preceding the previous year; or

(ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed 6[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed 7[ten lakh] rupees, 8[during such previous year;