Applicability of tax audit
This query is : Resolved
12 April 2014
Whether for a company providing professional (architectural) services tax audit limit should be Rs 25 lakhs or Rs One Crore?
12 April 2014
FOR PROFESSIONAL U/S 44AB LIMT IS RS. 25 LACS AUDIT IS COMPULSORY
12 April 2014
Okay. Thank you sir.. So this means it does not make a difference whether the assessee is a company providing professional services or an individual professional ?
13 April 2014
Company cannot carry on profession. Citation :- [2006] 156 Taxman 86 (Mag-Tri). So, threshold limit for 44AB is Rs. 1 crore.
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