16 July 2009
As Mr. ABC is a Dr. he renders professional services and thus he is required to get his books of account audited U/s 44AB.
As per the section if the gross recipts of the person rendering professional services is more than Rs. 10,00,000/- then he/she has to get his/her books audited.
16 July 2009
But as per "Guidance on Tax Audit" issued by ICAI, a Hospital is taken as business and therefore limit is taken as 40 Lacs and consequently will not be liable to Tax Audit.
CAclubindia
