Applicability of 44ab

This query is : Resolved

Rahul Mishra (Querist)
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07 August 2013 Dear Sir,
one of our client provide Third Party Administrator service, total TPA Fee received during Financial Year 2012-13 is Rs. 80 Lacs, should this company is liable under 44AB for Tax Audit.

is TPA fee of this company is covered under Business or Profession.

kindly advise..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 August 2013 since your company is providing service and receving professional income the tax audit limit for professional income is rs 25 lakhs, in your case tax audit is applicable as fees received exceeds rs.25 lakhs.

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