Turnover for 44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2014 Mr. X is a doctor having his own practice and his gross professional receipts are Rs. 18,00,000/-. He is also having a business whose turnover is rs. 85,00,000/-. Is Mr. X liable to audit U/s 44AB. plz Clarify

AVTAR SINGH

AVTAR SINGH (Expert)
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07 February 2014 A Doctor by profession, who is in practice, can't do business.

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2014 But he is doing business. What is the situation then.

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AVTAR SINGH

AVTAR SINGH (Expert)
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07 February 2014 He is doing something for which his professional certificate can be cancelled.

AVTAR SINGH

AVTAR SINGH (Expert)
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07 February 2014 So far as Audit is concerned, he will have to get his accounts audited u/s 44AB.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 February 2014 No need to audit the accounts u/s 44AB since gross receipts of profession and gross turnover of business is less than the threshold.

Querist : Anonymous

Querist : Anonymous (Querist)

13 February 2014 I have got two opinions. Plz Clarify the correct one

AVTAR SINGH

AVTAR SINGH (Expert)
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14 February 2014 When a person has a business which has a turnover of below 1 crore and a profession whose gross receipt is below 25 lakhs,the ICAI has clarified the issue saying that both the business and profession are not subject to audit so Mr. Chakrapani is right, tax audit will not be applicable.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2014 Thank U So much for clarification. Thanks once again