I have a querry related to applicability of Tax Audit to Engineering Services provided by a private Limited Company whose turnover is Rs.28,00,000 approx. Whether it will be considered as Business or Profession?
Thanks in Advance
1 Replies
GAUTAM SHARMA
(Audit Assistant)
(353 Points)
Replied 11 December 2013
It is a profession.Since it's Gross Receipts are exceeding 25 Lakh, liable to tax audit.
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