06 August 2011
In my opinion Gross receipts from profession are 13 lakhs which is below the limit of tax audit (15 lakhs)
Gross receipts from medical pharmacy is a Business and not profession and gross receipts are less than 60 lakhs thus tax audit is not applicable and section 44AD shall be applicable.
both the receipts are of different nature. 13 lakhs is professional income and 5.6 lakhs is busines income thus they cant be clubbed together to check the limit of tax audit. they need to be considered separately.
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