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Anil Tomar (Querist)
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23 August 2013 Good Morning to all,

Tax audit Limit for F.Y. 2013-14 is Rs. 100 Lacs for business Receipts and Rs. Fifty 25 Lacs for Professiona Receipts.

My Query is as follow:-

If a Person running a business and having turnover Rs. 90 Lacs (works contract). out of 90 Lacs he has paid Service Tax @ 12.36 of Rs. 333720/- on 30% of the Total value .i.e. 27 Lacs. and WCT @ 4% of Rs. 288000/- on 80% of the Total Vale i.e., 72 Lacs.

Please let me know the applicability of Tax
Audit or not.

Anil

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 August 2013 If gross receipts or gross turnover is less then 1 crore in case of business entity then no tax audit is applicable u/s 44AB.

Anil Tomar

Anil Tomar (Querist)
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23 August 2013 Thanks Mr. Sampat....what about Professional Receipts Rs. 27 Lacs.....

Anil Tomar

Anil Tomar (Querist)
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23 August 2013 Thanks Mr. Sampat....what about Professional Receipts Rs. 27 Lacs.....

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 August 2013 For professional person if gross receipts exceeds 25 lakhs then tax audit is applicable under same section.

Anil Tomar

Anil Tomar (Querist)
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23 August 2013 Profession Person Means---CA, Advocates, Doctors..etc.....he is not CA, Advocates, Doctors. Now Audit applicable or not ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 August 2013 then what is the profession of that person specify that.

Anil Tomar

Anil Tomar (Querist)
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23 August 2013 He is Trader recently got contract for construction of house.... one AMC of landscaping
Profess Receipts of Landscaping contract 80000*12 : 960000

Deemed profession Receitps Rs. 27,00,000/- under works contract (30% of Rs. 90,00,000/- contract value)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 August 2013 Construction of house is considered as income from profession only you are liable to tax audit under sec 44AB in this case.

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