One of my client having professional receipts Rs. 800000/- other receipts from Hotel Rs. 700000/- Capital Gain Rs. 1200000/- Whether covered under Tax Audit ?
RAJU
(LEARNER)
(1089 Points)
Replied 24 December 2008
Hi
I feel it is not covered. Section 44AB is applicable either if the Professional receipts are more than 10.00 lakhs and/or business receipts are more than 40.00 lakhs. In the given case, neither professional nor business receipts are exceeding the specified limit.
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