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Total receipt of more than 15 lacs

saurabh goyal (self employed) (103 Points)

01 February 2012

Hello Sir ,

I want to ask that If I would get the total receipt of more than 15 Lacs within any FY, what will be the procedure for paying income tax & Filing Return , clearly explain me. Someone told me that I have to for account audit. So now I ‘m very confused, please explain me what is account audit.

regards,

Saurabh

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2 Replies

R.S.KARTHIK (Article Assistant----Final Student) (59 Points)
Replied 01 February 2012

As per clauses (a) & (b) of section 44 AB, If the gross receipts of a professional in a FY exceeds 15 lakh, Tax audit needs to be conducted, and after the audit is completed, returns has to be filed within September 30th.

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CA Prakash Rai (CA) (129 Points)
Replied 01 February 2012

If you are a professional then a gross receipt of more than 15 Lakh attracts Tax Audit. You need to consult a CA for this, he will audit your Income and Expenditure Account & Balance Sheet and give you an Audit Report and he may also assist you in filing the return. If you are talking about income of A.Y.2011-12. , you will have to pay a penalty of 100000.00 for delay in filing of Audit Report (Due date being 30th September 2011). Other details as provided by R.S.KARTHIK are correct.