One of my client has gross receipt of Rs. 8Lac from his profession as a corporate trainer. As this was his first year of business, he has genuine expenditure of Rs. 7Lac. Whether the assessee can file his return without Tax Audit u/s. 44AB? Or whether 44AB is applicable.
There are contradictions in various articles in this.
Please advise.
If gross receipts of <25 lacs in the PY, then no tax audit is applicable
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 50 Lakh (Applicable from Financial Year 2016-17 onwards) and for 2015-2016 normal 25 Lakh is the limit.
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