Apllicability of tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2014
ONE OF MY FRIEND IS A PROFESSIONAL SINGER
AS PER HIS 26AS INCOME RS. 23 LACS UNDER SEC 194J & RS. 5 LACS U/S. 194C FOR AY 2014-15
MY QUESTIION IS THAT IS IT NECESSARY TO GET HIS BOOKS OF ACCOUNTS AUDITED ? IF THE ANSWER IS NO, CAN HE FILE RETUN U/S. 44AD UNDER PRESUMPRIVE INCOME
PLEASE PROVIDE BEST ANSWER
THANKS
AS PER HIS 26AS INCOME RS. 23 LACS UNDER SEC 194J & RS. 5 LACS U/S. 194C FOR AY 2014-15
MY QUESTIION IS THAT IS IT NECESSARY TO GET HIS BOOKS OF ACCOUNTS AUDITED ? IF THE ANSWER IS NO, CAN HE FILE RETUN U/S. 44AD UNDER PRESUMPRIVE INCOME
PLEASE PROVIDE BEST ANSWER
THANKS
24 July 2014
yes as total income exceeds rs 25 lakhs then tax audit is applicable....
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2014
But sir out of total income Rs. 500000 is under section 194c and is contract income but not as a professional capacity
24 July 2014
income def includes all sorts of income for the purpose of tax audit........................
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