tax audit
This query is : Resolved
ashutosh singh
(Querist)
06 September 2009
If brokerage income on property is Rs.900000/- & tuition income from teaching is Rs. 200000/- of an individual. Whether Tax Audit u/s. 44AB will be applicable to him?
plz help me
plz help me
CA. B.SRINIVASULU
(Expert)
06 September 2009
No tax audit will not come. since business income is 9 Lakhs which is less than 40 lakhs and teaching income is 2 lakhs which is less than 10lakhs.
ashutosh singh
(Querist)
06 September 2009
DEAR SIR,
THANKS FOR UR REPLY.
BUT SIR I M IN CONFUSION THAT WHETHER BROKERAGE INCOME ON SALE OF PROPERTY IS PROFESSION OR BUSINESS INCOME.
THANKS FOR UR REPLY.
BUT SIR I M IN CONFUSION THAT WHETHER BROKERAGE INCOME ON SALE OF PROPERTY IS PROFESSION OR BUSINESS INCOME.
CA CHINTAN AJMERA
(Expert)
06 September 2009
It is business income.
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