Section 44ab of income tax act 1961- tax audit
This query is : Resolved
19 September 2016
Dear All,
With ref to above section, my query is" A private Limited Company having Consultancy Service Income more than Rs. 25 Lacs in F.Y. 2015-16." Whether the above section and Tax Audit be applicable on the Company???
Will above be included in busines Income (Limit 1 Crore) or n professional Income (Rs. 25Lacs)???
Whether Professional Income is applicable for individuals only or also applicable on Service Company?
Please clear the provision of Section 44AB and 2(13) and 2(36) of Income Tax Act 1961.
Thanks in advance.
With ref to above section, my query is" A private Limited Company having Consultancy Service Income more than Rs. 25 Lacs in F.Y. 2015-16." Whether the above section and Tax Audit be applicable on the Company???
Will above be included in busines Income (Limit 1 Crore) or n professional Income (Rs. 25Lacs)???
Whether Professional Income is applicable for individuals only or also applicable on Service Company?
Please clear the provision of Section 44AB and 2(13) and 2(36) of Income Tax Act 1961.
Thanks in advance.
20 September 2016
For Company the limit is 1 crore, even though it might be carrying consultancy service.
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