Tax audit limit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2014 My friend is working as an agent between women (willing to be surrogate mother) & medical professionals who does the job related to surrogacy for needy couples. My friend receives fees from medical professionals (sometimes also from the couple who has opted for surrogacy). These fees received in F. Y. 2013-14 is above Rs. 25 lacs. I want to know whether Tax Audit limit of Rs. 1 Cr. is applicable to him or Rs. 25 lacs ? Also if Tax Audit becomes applicable to him, whether he should submit his Tax Audit Report (Form 3CB, 3CD) for A. Y. 2014-15 ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

01 April 2014 should be considered as business. accordingly Rs 1 cr limit should apply.

Kailash Mehta

Kailash Mehta (Expert)
Follow

01 April 2014 IF YOUR FRIENDS DOES NOT HAVE ANY PROFESSIONAL DEGREE,
THEN IT SHOULD BE CONSIDER AS BUSINESS INCOME,FOR THAT AUDIT LIMIT IS 1 CR.
THEN THERE SHOULD BE NO QUESTION OF AUDIT.

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2014 Thank you so much sir...