banner_ad

Audit limit

This query is : Resolved 
Profile Image

Profile Image

(Querist)
20 February 2012 Dear sir,
If an individual, whose gross receipts of contract business are Rs. 5998000/- in FY 2010-11. Besides that, in the relevent year he also received interest of Rs. 6500/- on a Income tax refund.
My question is that, whether he is liable for audit or he can opt Sec. 44AD without being audited?
Regards.
Profile Image

Guest

Profile Image

Guest (Expert)
22 February 2012 In case of tax audit the limit of gross receipts is Rs. 60 lakhs. The said limit of 60 Lakhs is set for receipts from business not other receipts like other income like income tax refund. In your case the indivisual can opt for 44 AD since the receipts are less than Rs. 60/- lakhs.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details