Company doing a Professional work
This query is : Resolved
CA Dron Bharadwaj
(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) ?
whether it will be regarded as profession or business (in the case of company) ?
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
If the company doing trading or sales of Goods covered under Business
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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