An professional receives consultancy income from his proprietorship concern for nine lakhs and salary and profit from partnership firm for seven lakhs .Is he liable to tax audit under sec 44AB??
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Tax audit applicability????
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Section 44 AD prescribe following person shall fall under tax audit if:-
(a) A person carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 60 lakh rupees in any previous year, or
(b) A person carrying on profession shall, if his gross receipts in profession exceed 15 lakh rupees in any previous year.
In above mentioned case tax audit may not be applicable. There is no aggregate limit prescribed for tax audit applicability, in case, person earning income from profession and income from business.
Regards
| Originally posted by : Keval | ||
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Section 44 AD prescribe following person shall fall under tax audit if:- (a) A person carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 60 lakh rupees in any previous year, or (b) A person carrying on profession shall, if his gross receipts in profession exceed 15 lakh rupees in any previous year. In above mentioned case tax audit may not be applicable. There is no aggregate limit prescribed for tax audit applicability, in case, person earning income from profession and income from business. Regards |
 |
Section 44 AD prescribe following person shall fall under tax audit if:-
(a) A person carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 60 lakh rupees in any previous year, or
(b) A person carrying on profession shall, if his gross receipts in profession exceed 15 lakh rupees in any previous year.
In above mentioned case tax audit may not be applicable. There is no aggregate limit prescribed for tax audit applicability, in case, person earning income from profession and income from business.
Regards
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