Professional income..audit req?
This query is : Resolved
01 July 2013
Professionals..interior decorators..have earned an contract(works contract) of Rs.60lakhs and other professional fees Rs. 5 lakhs...whether they will have to get the accounts audited??? or can they take benefit of section 44ad for works contract income
01 July 2013
1 crore is the limit for getting audited under 44ad. They can opt for presumptive taxation provisions.
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