Applicability of tax audit u/s 44ab

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MURALI (Querist)
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26 September 2011 Sir

i have earned commission (facilitation fee) of Rs.30 lakhs from RMP. whether i hv to get audited u/s 44AB ?

thanks in advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 September 2011 Tax audit is applicable only when the gross receipts exceed Rs.60 lakhs.

So you are not liable to get your accounts audited.

MURALI

MURALI (Querist)
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27 September 2011 Sir

i agree that Rs.60 laks is for business. but my doubt is whether "Commission" is treated as Business Income or Profession ?

becuase for profession, if the gross receipts exceeds Rs.15 laks, then we hve to get audited.

pls clarify

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