Doctor having Hospital how maintain his accounts
This query is : Resolved
14 March 2008
Dear sir,
I want to knew How Doctor having his own hospital maintain his accounts.
what legal and income tax compliance he has to follow.
Above 40 lacs turn over, he may attract in tax audit or not.?
Please reply
I want to knew How Doctor having his own hospital maintain his accounts.
what legal and income tax compliance he has to follow.
Above 40 lacs turn over, he may attract in tax audit or not.?
Please reply
pushpendra
(Expert)
14 March 2008
will attact the Tax Audit.
15 March 2008
WILL ATTRACT TAX AUDIT .
15 March 2008
(1)Which documents to be prepared in the financial year for finalization & Tax documents?
(2)Is any format of finalization ?
Pl reply
(2)Is any format of finalization ?
Pl reply
kartik_somu
(Expert)
19 March 2008
Doctor is a professional and therefore as per Sec 44 AB tax audit will get covered if total receipt during the year exceed Rs. 10 Lacs.
If it is a firm and if all the partners are Doctors then as i said earlier the limit of Rs.10 lacs will be applicable. But if one of tha ertner is not a Doctor then it becomes a business and Tax audit will get covered only if the receipts cross 40 lacs.
If it is a firm and if all the partners are Doctors then as i said earlier the limit of Rs.10 lacs will be applicable. But if one of tha ertner is not a Doctor then it becomes a business and Tax audit will get covered only if the receipts cross 40 lacs.
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