Audit limit
This query is : Resolved
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.
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.
Guest
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.
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