Tax audit limit

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2013 Whether a professional (i.e. holding a professional degree) carrying on a business of running a coaching classes. What would be the tax audit limit for such an assesse - 60lakhs or 15 lakhs?

Manish Bhandari

Manish Bhandari (Expert)
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19 December 2013 It will be 25 Lakhs as coaching comes under vocation. And vocation & profession fall under same category.

CA Kedar Sakhardande

CA Kedar Sakhardande (Expert)
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19 December 2013 I believe that it should be under catagory of business and limit is Rs. 100 Lacs (AY 13-14)

For me Profession means which requires professional certification doctor, CA LLB etc

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Manish Bhandari

Manish Bhandari (Expert)
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20 December 2013 THERE IS court judgement which i will share as not available with me now, which says vocation is parallel to profession.