Applicability of tax audit u/s 44ab
This query is : Open
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
i have earned commission (facilitation fee) of Rs.30 lakhs from RMP. whether i hv to get audited u/s 44AB ?
thanks in advance
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.
So you are not liable to get your accounts audited.
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
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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