Tax Audit Query ?????????????
This query is : Resolved
27 October 2007
Hi,
An individual who is a CWA but not practising as a CWA instead drawing receipts from consultancy services (say outsource of payroll work) exceeding Rs. 10 lacs .. whether he is liable to Tax audit under income tax act.??
Similarly,
An individual who is an MBA drawing receipts from consultancy services (say outsource of payroll work) exceeding Rs. 10 lacs .. whether he is liable to Tax audit under income tax act.??
Whether MBA is a profession for Tax audit purpose..
Please clarify at the earliest..!!!
An individual who is a CWA but not practising as a CWA instead drawing receipts from consultancy services (say outsource of payroll work) exceeding Rs. 10 lacs .. whether he is liable to Tax audit under income tax act.??
Similarly,
An individual who is an MBA drawing receipts from consultancy services (say outsource of payroll work) exceeding Rs. 10 lacs .. whether he is liable to Tax audit under income tax act.??
Whether MBA is a profession for Tax audit purpose..
Please clarify at the earliest..!!!
28 October 2007
UNDER 44 AB , GROSS PROFESSIONAL RECEIPTS EXCEEDING RS. 10 LAKHS ARE LIABLE FOR TAX AUDIT.
IN OTHER WORDS RECEIPTS FROM PROFESSION IN EXCESS OF LIMIT ABOVE GIVEN ARE COVERED UNDER TAX AUDIT..
UNDER RULE 6 DD , THERE ARE PROFESSIONS SPECIFIED . NON SPECIFIED PROFESSIONS ARE ALL THOSE NOT COVERED UNDER SPECIFIED PROFESSIONS.
SO TAX AUDIT IS COVERED FOR THE PEOPLE SPECIFIED BY YOU.
R.V.RAO
IN OTHER WORDS RECEIPTS FROM PROFESSION IN EXCESS OF LIMIT ABOVE GIVEN ARE COVERED UNDER TAX AUDIT..
UNDER RULE 6 DD , THERE ARE PROFESSIONS SPECIFIED . NON SPECIFIED PROFESSIONS ARE ALL THOSE NOT COVERED UNDER SPECIFIED PROFESSIONS.
SO TAX AUDIT IS COVERED FOR THE PEOPLE SPECIFIED BY YOU.
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Renting of Villa
- GST TDS applicability on black trap
- Issue with no residency during Jan, Feb, March 2025 due to diff. between US and India tax years.
- Error AIS modification submitted
- ITR BELATED FILED DEFECTIVE U/S 139(9) AY 2024-25 - FAILED TO SUBMIT THE ONLINE RESPONSE
- House keeping and security services ITC can claim
- Evaporation loss in vat return
- Do I need to pay taxes on uber one credits or Best Buy reward certificate?
- DTAA India & UAE
- Tax payment deduction from house loan EMI
- Capital gain tax on gold mutual fund , ETF
- TDS deduction.
- GST on Land Lease From MIDC
- Leave taken during Extension period of Articleship
- Regarding TDS deduction before 15CA filing
- Reversal of Interest provision in case of MSME buyer
- Penalty under new section 271 of IT Act
- GST liability .
- GST LIABILITY on market yard
- ITC CLAIM ON CLEARING AND FORWARDING CHARGES IN CASE OF IMPORT
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
