Coverage under specified profession for audit u/s 44ab

This query is : Resolved

rajesh bapna (Querist)
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07 January 2012 The assessee, an individual, is MCA by qualification. He is carrying the business of developing web-sites, software and other allied IT work. The turn over/receipt is going to exceed 15 lac this FY. Whether he falls under specified profession for maintenance of books of accounts u/s 44AA and qualifies for audit u/s 44AB or not?

If he not covered u/s 44AB and pays salary to some employees above non-taxable limit. Then TDS provisions on salary u/s 192 is applicable or not?

CA Hardik Bunha

CA Hardik Bunha (Expert)
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07 January 2012 section 44ab will be applicable if turnover exceeds 15 lakhs.

For maintaince of books of account- it it compulasary to maintain books of account faor professional.u/s 44aa

if 44ab not applicable then he could pay salary above taxable limit no requirement to deduct TDS.