Audit u/s. 44ab
This query is : Resolved
Rajesh Sethia
(Querist)
27 August 2011
The assessee is a professional (C S). He receives commission and brokerage from a comapny as independent direcor for his professional expertise of Rs. 12,00,000/- per annum. 2)He during the year received consultancy fess from other companies Rs. 2,50,000/- 3)He received during the year royalties from sales of books written by him Rs. 3,00,000 and 4) he received during the year teaching honorarium of Rs. 2,00,000/- as visting faculty at various institute. i want to whether his accounts to be audited u/s. 44AB of IT act 1961. and why?
CA. Anoop Gadia
(Expert)
27 August 2011
yes, he require audit because gross taxable income in more than audit limit.
CA. Nitin Agrawal
(Expert)
28 August 2011
As gross professional receipts is more then 15 lacs hence he require to get his account audited u/s 44AB of IT Act1961.
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