Tax Audit

This query is : Resolved

P.karthik (Querist)
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25 July 2011 Sir,

An Assessee Who had received a Professional receipts of Rs.8,90,000/- u/s.194 J (As per Form-16 A) and Commission of Rs.8,90,000/- u/s.194 H (As per Form-16 A) during the financial year 2010-11.

My Query is

1.Whether he is liable for Tax Audit
u/s.44 AB or not ?

Kindly respond quickly.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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25 July 2011 It depends on the kind of profession he does. If the same is covered in profession u/s 44AA or 194J. Then you have to get it audited otherwise you may take the benefit of Sec 44AD.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 July 2011 Commision income would be business income and profesional would be professional receipts.

As the section 44AB states or for the conditions and since the conditions are not satisfied you are not liable for tax audit.

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