Dear Sirs,
One of our client was subject to Tax Audit during A.Y.2010-11.
He is a Professional.
He has earned the following Income for the A.Y.2011-12 :-
1) Business Income (Professional) (Apr-Nov) > Rs.14,00,000
2) Income from Salaries (Dec-Mar) > Rs. 9,00,000
3) Income from Other Sources > Rs. 20,000
Kindly let me whether he is liable for Tax Audit for the A.Y.2011-12 considering the above facts .
Awaiting your reply at the earliest.
Thank you
plz provide the gross receipts of your profession, coz applicability of tax audit is determined by the gross receipts rather than the net profit/income...........--sec 44AB
in case, if your gross receipt exceed15 LAKH, then tax audit ll b applicable.....
plz correct me if m wrng
Dear Sumit Sir,
The Gross Receipts of the Individual (who is a professional) is Rs.14,00,000 only
So will Tax Audit be applicable to him
Kindly reply
Thanks
For service providers if gross recipet exceeds rs 15,00,000 then only sec 44AB is applicable for tax audit.
CAclubindia
