I had shown Last year AY 2017-18 Gross Receipts 16 Lakhs from Doctor Profession
If the gross receipts in profession for the previous year exceeds Rs. 50 Lakhs they you are required to do tax audit of your books of accounts from Chartered Accountants.
If such person claims that the profit and gains from the business are lower than the profit and gains computed under these sectiosn (irrespective fo his turnover) then he shall have to get his accounts audited by a Chartered Accountant.
Kindly explain Tax audit limit for profession AY 2017-18
11 July 2018
If less than 50 lakhs, can opt 44ADA by offering 50% of gross receipts as income and no tax audit required. If 50 % is not shown as income, then tax audit applies.
CAclubindia
