A person has bussiness income of Rs. 95 lacs and professional income of Rs. 47 lacs.
Is this person applicable for tax audit
1 Replies
CA ABHAY GUPTA
(Practice)
(3235 Points)
Replied 06 August 2020
Where a person is carrying on business as well as profession and the Turnover of the business is Rs. 1.2 Crore and the Gross Receipts of the profession is Rs 47 Lakhs. In such a case, ICAI has clarified through a Guidance Note that the Assessee is liable to get the Tax Audit done of both the business as well as profession because the Gross Receipts from the business exceed the limit of Rs. 1 Crore. However, if his Total Turnover was Rs. 95 Lakhs and Gross Receipts from business was Rs. 47 Lakhs, he would not be required to get his Tax Audit done.
Recent Topics
- Requirement of filing of form MSME-1
- Income tax query capital gain & exemption
- LTCG on flat
- Acquisition Cost after Merger
- Clubbing (Income Tax)
- Sales Invoice raised in feb-25 but now some materi
- Transfer of Nominee Share to Body corporate
- GSTR 4 FOR 24-25 due date of annual return
- Which ITR form required ?
- Can you please explain me the working of tax liabi
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
