08 May 2010
A Doctor is selling medicines in his clinic. His Consulting Fess will be around Rs7.5 Lakhs P.A and Income from Medicine Sales is Rs 22 LakhsP.A. He is also filing Sales Tax returns monthly, for sale of Medicines.
My Query is Whether he is liable for Tax Audit U/s 44AB under Income from Profession?
14 May 2010
If the Dr. sales the medicine under the same name of firm in which he provides consultancy, then the total income will be 29.5L(7.5+22) & hence he is covered u/s 44AB.
But if he sells medicine under different name of firm, then it will not b coverrd u/s 44AB as the proceeding does not exeeds Rs 40L
14 May 2010
Whether separate Income & Expenditure A/c and Profit & Loss A/c to be prepared for Consultancy Fee and Sale of Medicine,Or Consolidated Profit & Loss A/c can be prepared?
CAclubindia
