Vinay Ramachandran (Chartered Accountant) (168 Points)
07 July 2009Hi,
in the budget the FM had announced that business with turnover less than 40 lakhs will be covered under presumptive taxation....
does business incluide profession???
i.e a consultant with turnover of less than 40 lakhs can avail of this benefit??
ANY Ideas????????
sagar
(CA Final)
(379 Points)
Replied 07 July 2009
Yes, The the asessee has to be Individual, HUF, Firm. So the consulatcy Profession also covers under above
LAXMIKANT JAIPURKAR
(Practicing Company Secretary/Tax Consultant)
(403 Points)
Replied 07 July 2009
I don't with Sagar. The limit of audit for the professions is 10 lacs and not 40 lacs as for the businessmen. For any professional, the net profit is required to be shown atleast 25% of gross receipts otherwise such persons have to face the income tax scrutiny. Therefore, the criteria of presumptive taxation will be not applicable to the profesisonals.
CAclubindia
