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Tax audit requirement

26 July 2017

If any individual recd net consultation charges 145 lacs
Showing under income from business whether taxaudit is require and due date for filing IT return?

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (175687 Points)
Replied 26 July 2017

Consultation charges cannot be declared under business income....... It can be professional income, at the most............ Tax audit required....

30th September for audit cases......

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Poltu Ghosh (Job) (1865 Points)
Replied 26 July 2017

If you do not opt for presupresumptive income then tax audit is compulsory in your case. If you opt for presumptive scheme and offer 50 percent of gross receipts as Income income then no tax Audit is required. So choice is yours....