For the F.Y.2009-10 (Asst.year-2010-11),a person is having both Business Income (Turnover Rs.7 Lakhs) and Profession Income( Gross receipts Rs.5 Lakhs). Under the circumstances, I would like to know the applicability of 44AB. Since both put together exceeds Rs.10 Lkahs, does 44AB gets attracted? Pls clarify.
30 July 2010
As per the provision of the Income tax Act , Tax audit shall be applicable where:- 1) In case where assessee carry on Business or profession total turn over or Gross receipts Exceeds rs 40 lakh 2) in case where the assessee carry on the profession the Receipts excedds 10 lAKH
conclusion
Your case does not fall any of the above so the tax audit shall not be applicable for you
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