One of my client is doing business of accounting of US and other nation's company's account.
Its turnover for the year 2010-11 is more than 40 Lacs Rs.
whether it is liable for tax audit under section 44AB of the Income Tax Act.
Seeking clarification
Thanks in advance
In my opinion, if the accounting service is being provided, then the 44AB limit would be as of being a professional i.e., Rs.15 lakhs/- and there is no specific distinction made under this section for the kind of service provided.
CONCLUSION : YES.
it depends on who is your client.
If your client is a Professional as specified in sec 44AB then 15 lakhs limit is applicable
otherwise 60 lakhs limit is applicable
| Originally posted by : AMANPREET SINGH | ||
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it depends on who is your client. If your client is a Professional as specified in sec 44AB then 15 lakhs limit is applicable otherwise 60 lakhs limit is applicable |
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very well said vikas
I think it is professional service and hence the 15Lakhs limit will be applicable.
| Originally posted by : suneet | ||
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very well said vikas |
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Thanks...
CAclubindia
