Tax Audit
This query is : Resolved
25 July 2011
Sir,
An Assessee Who had received a Professional receipts of Rs.8,90,000/- u/s.194 J (As per Form-16 A) and Commission of Rs.8,90,000/- u/s.194 H (As per Form-16 A) during the financial year 2010-11.
My Query is
1.Whether he is liable for Tax Audit
u/s.44 AB or not ?
Kindly respond quickly.
An Assessee Who had received a Professional receipts of Rs.8,90,000/- u/s.194 J (As per Form-16 A) and Commission of Rs.8,90,000/- u/s.194 H (As per Form-16 A) during the financial year 2010-11.
My Query is
1.Whether he is liable for Tax Audit
u/s.44 AB or not ?
Kindly respond quickly.
CA Ashwani Agarwal
(Expert)
25 July 2011
It depends on the kind of profession he does. If the same is covered in profession u/s 44AA or 194J. Then you have to get it audited otherwise you may take the benefit of Sec 44AD.
Aditya Maheshwari
(Expert)
25 July 2011
Commision income would be business income and profesional would be professional receipts.
As the section 44AB states or for the conditions and since the conditions are not satisfied you are not liable for tax audit.
As the section 44AB states or for the conditions and since the conditions are not satisfied you are not liable for tax audit.
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