Audit u/s.44ab?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2016
A Medical Professional receives Rs.28 Lakhs as Fees from Profession services(194J) from various hospitals for A.Y.2016-17 on which TDS @10 % - Rs.2.8 Lakhs is already deducted. My query is since the Gross Receipts (Fees from Profession Services) exceeds Rs.25 Lakhs Audit u/s.44AB is to be done. Assessee says he is not liable for Audit u/s.44AB as TDS is already deducted on the receipts and he is ready to pay balance tax as per the I.T. slab rate. whether Assessee is correct?
08 July 2016
Undoubtedly No. If he so decides, penalty u/s 271B attracts.
08 July 2016
tax audit be done.....At the most what the assessee can do is BARGAIN for the professional fees of auditor since the receipts are from Hospitals.....and not any private practice as such
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