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
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