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Is tax audit is applicable for the person.............

nisha (CA) (46 Points)

24 June 2013

The Professional is having salary income of rs. 29 lacks and also having consultancy fees of rs 4 lacks(its a receipts before any exp.). My question is - Is he liable to tax audit U/s 44ab

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9 Replies

(Guest)

No. He is not liable to tax audit u/s 44AB

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Ishan kewlani (Article) (172 Points)
Replied 24 June 2013

For audit u/s 44AB gross receipts should be 25 lakhor more for professional. So he won't be liable for audit.

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CA Momin Owais Ahmed (Audit Manager) (154 Points)
Replied 24 June 2013

Sec 44AB applicale only in Case where Gross Receipt from Business or Profession exceeds specified limit.

Hence, in your case it is not Applicable

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vishal (Chartered Accountant) (67 Points)
Replied 24 June 2013

As per the provisions of 44AB any person carrying on Business and whose turnover exceeds Rs.60 lakh or carrying on profession and whose gross receipt exceeds Rs.15 lakh shall be liable for tax audit. As Rs.29 lakh is income from salary and income from profession is less than Rs.15 lakh, hence, the professional mentioned in aforesaid query is not liable for tax audit.

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Deepak (to be a chartered accountant) (141 Points)
Replied 25 June 2013

For audit u/s 44AB gross receipts should be 25 lakhor more for professional. So he won't be liable for audit.

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nisha (CA) (46 Points)
Replied 25 June 2013

Originally posted by : vishal
	As per the provisions of 44AB any person carrying on Business and whose turnover exceeds Rs.60 lakh or carrying on profession and whose gross receipt exceeds Rs.15 lakh shall be liable for tax audit. As Rs.29 lakh is income from salary and income from profession is less than Rs.15 lakh, hence, the professional mentioned in aforesaid query is not liable for tax audit.