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Company doing a Professional work

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(Querist)
19 December 2009 i want to know whether a company doing a profeesional work is liable for audit u/s 44AB of the income tax act,1961 if its turnover is 23 LAKHS.

whether it will be regarded as profession or business (in the case of company) ?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
20 December 2009 Sec.44AB attarct the Turn over More than Rs.10 Lakhs ( Professional) during the PY to the relavant AY

If the company doing trading or sales of Goods covered under Business
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CA Dron Bharadwaj

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CA Dron Bharadwaj (Querist)
20 December 2009 it means company doing professional work is not liable for tax audit even if its turnover is more than 10 lakhs and below 40 lakhs.
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