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TAX AUDIT

Deepa (CA and CS Final B.Com University First) (195 Points)

09 September 2010

The Professional reciept of an assessee is exactly Rs.10 Lakhs for the asst year 2010-2011. are they subject to Audit U/S 44AB? Please guide me.

Thank you

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6 Replies

Ansari (ca final) (444 Points)
Replied 09 September 2010

SECTION 44AB

`A PERSON CARRYING ON PROFESSION:- IF HIS GROSS RECEIPTS IN PROFESSION` `FOR THE P/Y RELEVANT TO THE A/Y` EXCEEDS `Rs. 10 LACS.`

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Gokul Viswanath Shenoy (Company Secretary & Finance Manager) (430 Points)
Replied 09 September 2010

receipts should exceed Rs10 lakhs to be subjected to the audit u/s 44AB for the profession.

manish shah (proporitor) (63 Points)
Replied 09 September 2010

belated return - AY 8-09 - audit u/e 44 ab is applicable to case - can we do e filing - is site accept that return .

Sharad Saini (Student) (286 Points)
Replied 10 September 2010

yes audit and return filling are two different things ..... you can file it..... if the audit was completed in time then u can file it without any panelty but if audit was not completed in time then also u file it but with a panelty of rs 1 lac

(Guest)

for F.Y 2009-10

every person is liable to have tax audit if

carrying on business, if his total turnover, total sales or gross recipts as the case may be exeed or exeeds to Rs 40 lacs in any previous year.
carrying a profession, if gross receipt from profession exeeds to rs ten lacs in any previous year.

for F.Y 2010-11

every person is liable to have tax audit if

carrying on business, if his total turnover, total sales or gross recipts as the case may be exeed or exeeds to Rs 60 lacs in any previous year.
carrying a profession, if gross receipt from profession exeeds to rs fifteen lacs in any previous year.