Clarification of doubt on sec 44 ab

This query is : Resolved

DIVYA BHAVANA (Querist)
Follow

05 April 2016 Friends please clarify me,
For suppose I am a Doctor and doing professional business earning Rs.40,00,000/- p.a.
I also do some other non-professional business earning Rs.60.00.000/-p.a.
Now am I liable to tax audit u/s 44 AB?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

05 April 2016 Your professional income is more than 25 lacs hence you are liable for tax audit u/s 44AB.

Message likes : 1 times

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

05 April 2016 The limit for professional is 25 lakh. (To be raised for the ensuing year) So you fall under tax audit.

Message likes : 1 times

DIVYA BHAVANA

DIVYA BHAVANA (Querist)
Follow

06 April 2016 K, thnkyou for reply, but will you pleaseanswer me the above case if my professional income is 24 lakhs?

DIVYA BHAVANA

DIVYA BHAVANA (Querist)
Follow

06 April 2016 K, thank you for reply, but will you please answer me the above case if my professional income is 24 lakhs?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

06 April 2016 No tax audit u/s 44AB applicable.

DIVYA BHAVANA

DIVYA BHAVANA (Querist)
Follow

06 April 2016 Kindly plz tell me the reason..since the Prof. income has not crossed 2500000/-

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

06 April 2016 Yes the professional income has not crossed 25 lacs limit.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

07 April 2016 "Either or" OR "AND" kind of conditions. In your case. it is "either or" kind of conditions. You are having professional as well as non professional business. In order to be eligible for tax audit, you need to cross 25L for professional business OR 1 cr for non professional business.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Arun Mahaldar

Rishi Jain

Shubham Jain

SUBHASH SAHA

Sunder Sadani

Subscribe Now

Clarification of doubt on sec 44 ab

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance

CA Final