Tax Audit of CA with receipts 10L

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2010 I would like to know, whether a CA whose receipts during the FY are Rs.9 Lakhs but has raised bills for Rs.11 Lakhs, will he be liable to Tax Audit.
i.e. He is a practicing CA (indiviudal) who has received total payments of Rs.9 L during the FY against bills raised for Rs. 11 L. Will such CA be liable to Tax Audit for that FY

Aditya Maheshwari

Aditya Maheshwari (Expert)
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24 June 2010 Not liable as the gross receipts should exceed Rs. 10 lakhs. Also the accounting will be on cash basis and hence the receipts in the income & expenditure account will not exceed Rs. 10 lakhs and hence not liable for audit.