Profession or Business
This query is : Resolved
01 June 2009
An individual running computer institute who is a franchisee. Will his gross collection above 10 lacs in a year come under audit U/s 44AB? What is the limit prescribed for audit? According to ITO the education giving is a profession and will come under audit if his gross collection crosses 10 lacs... Kindly clarify....
Ca Anand Dubey
(Expert)
02 June 2009
do tax audit for safer side, but in my opinion its applicable if the turnover exceeds 40 lacs
02 June 2009
If that franchisee also sells computer peripherals, equipments or parts etc. then the turnover for tax audit will be 40 Lacs. But is its providing only services like computer coaching, tax audit is required if the turnover is more then 10 Lacs.
02 June 2009
instead of asking, you just read definition of profession u/s 44ab
CA Nitin Wadhwani
(Expert)
05 June 2009
The limit is 10 Lakhs.
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