03 September 2010
Under NEW REVISED DTC definition of Profession has been deleted and included in definition of Business. So there is no seprate definition of profession. My question is that u/s 88 of DTC so far as audit of books of accounts is concerned - (a) where the person is carrying on any profession, the gross receipt of the profession exceed 25 lakh in the financial year, (b) where the person is carrying on any business, the total turnover or gross receipts, as the case may be of the business exceed one crore rupees, in the financial year Tax audit is compulsory required.
Whether a professional person should consider his receipt at Rs. 25 lakh or Rs. 1 Crore ?
03 September 2010
Business includes profession but for limits of tax audit for business is different and for profession is still different under DTC also as was in income tax act. So receipt is Rs. 25 lakhs only.
CAclubindia
