vidya kini (CA Practice ) (107 Points)
16 August 2017-Tax Audit limit for professional AY: 2017-18 is Rs: 50,00,000/-
If the assessee has professional income of Rs : 30,00,000/- and doesn't wants to opt for presumptive income, under which category he will come in the attcached file of ITR for AY:2017-18??
neeraj gupta
(1138 Points)
Replied 16 August 2017
vidya kini
(CA Practice )
(107 Points)
Replied 16 August 2017
Thank you sir. But the assessee does not want to claim expenses of 50% that is he is showing income more than 50%. In such a case how can 44AB(d) be applied?
neeraj gupta
(1138 Points)
Replied 16 August 2017
Ok I understood the source of confusion. See the phrase "doesn't opt for presumtive" as per my understanding means, when assessee wants to show income less than 50% of turnover. Because presumptive means 50% or more.
"""
44ADA
...., a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be deemed to be the profits and gains of such profession ....
"""
In your case, you are opting for presumptive since you want to show income more than 50% of turnover.
Hence the audit does not apply.
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