Clarification of doubt on sec 44 ab

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DIVYA BHAVANA (Querist)
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05 April 2016 Friends please clarify me,
For suppose I am a Doctor and doing professional business earning Rs.40,00,000/- p.a.
I also do some other non-professional business earning Rs.60.00.000/-p.a.
Now am I liable to tax audit u/s 44 AB?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 April 2016 Your professional income is more than 25 lacs hence you are liable for tax audit u/s 44AB.

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Amol S Joglekar

Amol S Joglekar (Expert)
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05 April 2016 The limit for professional is 25 lakh. (To be raised for the ensuing year) So you fall under tax audit.

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DIVYA BHAVANA

DIVYA BHAVANA (Querist)
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06 April 2016 K, thnkyou for reply, but will you pleaseanswer me the above case if my professional income is 24 lakhs?

DIVYA BHAVANA

DIVYA BHAVANA (Querist)
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06 April 2016 K, thank you for reply, but will you please answer me the above case if my professional income is 24 lakhs?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 April 2016 No tax audit u/s 44AB applicable.

DIVYA BHAVANA

DIVYA BHAVANA (Querist)
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06 April 2016 Kindly plz tell me the reason..since the Prof. income has not crossed 2500000/-

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 April 2016 Yes the professional income has not crossed 25 lacs limit.

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Amol S Joglekar

Amol S Joglekar (Expert)
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07 April 2016 "Either or" OR "AND" kind of conditions. In your case. it is "either or" kind of conditions. You are having professional as well as non professional business. In order to be eligible for tax audit, you need to cross 25L for professional business OR 1 cr for non professional business.

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