Tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2012
Want to know if an individual( PROPRIETOR) does scientific testing / certification work being a b.tech whether he will fall under business or professional for tax audit purpose ( it has the gross receipts of Rs. 18 lakhs p.a.)
18 April 2012
Legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or the profession of authorised representative; and (b) the profession of film artist (actor, cameraman, director, music director, art director, dance director, editor, singer, lyricist, story writer, screen play writer, dialogue writer and dress designer)Profession of Company Secretary, Profession of Information Technology are notified professionals.
Hence your nature of business seems to have come under technical consultancy.
Hence your nature of business seems to have come under technical consultancy.
18 April 2012
Since ur client has done B.Tech and is into work related to engineering (assuming), then he will fall under specified profession. If his gross receipts crosses Rs. 60 lac for AY 2012-13 and crosses Rs. 1 Crore in AY 2013-14, then he will be sujected to tax audit.
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