Dear Members,
Please clarify whether
1. Placement Agencies are to be treated as Professionals since the TDS deducted on their income by various parties amounts to 10% (rate applicable for Professionals) ?
2. If Yes , then it means to say Firms & Proprietors can maintain books of accounts on a cash basis
3. And also, will they be liable to Tax Audit as per section 44AB on achieving Gross Receipts of Rs. 10,00,000/- )
Regards
Ashu Gupta
CAclubindia
