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Discussion > Income Tax > Tax queries >

tax audit limit for coaching class business

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Consultant

[ Scorecard : 91]
Posted On 08 December 2010 at 18:46 Report Abuse

Whether a professional (i.e. holding a professional degree) carrying on a business of running a coaching classes would be covered under the scope of 'eligible business' as per the revised section 44AD? What would be the tax audit limit for such an assessee - 60lakhs or 15 lakhs?

Please reply quick


Online classes for CA CS CMA



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Article Assistant

[ Scorecard : 450]
Posted On 08 December 2010 at 18:50

Originally posted by : Alpana

Whether a professional (i.e. holding a professional degree) carrying on a business of running a coaching classes would be covered under the scope of 'eligible business' as per the revised section 44AD? What would be the tax audit limit for such an assessee - 60lakhs or 15 lakhs?

Please reply quick

me too lukin fr same answer




Alpana
Consultant

[ Scorecard : 91]
Posted On 08 December 2010 at 18:57

@ Rohit - pls luk at dis link, although thr are varying views here as well it might help u :

http://www.pdicai.org/ansDisp.aspx?queId=12502

 



Total thanks : 1 times



Member (Account Deleted)
Article Assistant

[ Scorecard : 450]
Posted On 08 December 2010 at 19:00

thanxxx ma'am 




Devendra
M.COM CA Final [Group 2- Cleared] CS Professional

[ Scorecard : 4436]
Posted On 08 December 2010 at 19:09

Dear Alpana and Rohit,

 

From A.Y 2011 - 12 onwards, the Turnover Limit for business would be Rs. 60 Lakhs and tax audit to be applicable u/s 44AB. Tax Audit will not be applicable u/s 44AD. Here Gross Receipts of Coaching class will be considered Income from Business and would be applicable for Tax Audit u/s 44AB.

 

Regards,

Devendra Kulkarni



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