Gross receipts audit limit
This query is : Resolved
11 July 2018
Sir,
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
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
More than 50 lakhs to be audited vide section 44AB(b)
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11 July 2018
44ADA Section will applicable for 16 Gross Receipts from doctor profession and shown profit 12%
Please explain
Please explain
11 July 2018
44ADA Section will applicable for 16 Lakhs Gross Receipts from doctor profession and shown profit 12% Please explain
Read more at: https://www.caclubindia.com/experts/gross-receipts-audit-limit-2672564.asp
Read more at: https://www.caclubindia.com/experts/gross-receipts-audit-limit-2672564.asp
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.
and no tax audit required. If 50 % is not shown as income, then tax audit applies.
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11 July 2018
Sir,
But we have not audited is there any problem assessment order received for the asst year 2017-18 Now what we do
Thanking you
But we have not audited is there any problem assessment order received for the asst year 2017-18 Now what we do
Thanking you
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