Sec 44 ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2013 what is the meaning of GROSS RECEIPT for the purpose of audit for professionals. whether other income need to be considered for limit of 15 Lacs or 25 lacs like interest income , dividend , rent etc for cal gross receipt of doctor

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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14 March 2013 (b) carrying on profession shall, if his gross receipts in profession exceed 23a[24[fifteen lakh rupees]] in any 25[previous year.

The section talks about gross receipt in profession. Income like interest, dividend and rent are to be excluded for arriving at the gross receipts.