Applicability of Tax Audit

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This query is : Resolved

venkatachala (Querist)

23 September 2009 One Person is earning Rs.12Lakh as cricket coach. Is he come under Tax audit? Is there any special provisions under Income Tax for him?

Thanks in advance.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)

23 September 2009 If he is registered as profiessional with cricket board then automatically tax audit will come. Otherwise tax audit is not attracted.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)

23 September 2009 agree

Rajeev

Rajeev (Expert)

24 September 2009 I dont think , cricket coaching is a specified profession by CBDT . Although the definition of profession includes vocation(check definition of vocation) . It should be noted that cricket coaching is highly commercial these days , and cannot be termed as a professional service. . i think cricket coaching falls under "business" and 40 laks limit applies even if hes registered with BCCI -Second senior opinion needed

chetan soni

chetan soni (Expert)

24 September 2009 I don't agree with Rajeev. As this needs applicability of skils. And where there is application of skill appear it will automatically shows that profession.

In my opinion cricket coaching in individual name will be covered as professional income. If the same person getting this amount from any institutions then this will be contract amount and again the limit of 10L apply. If this comes as salary then there is no need to have tax audit.