Tax audit applicability?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2011
An advocate receives consultancy income from his proprietorship concern for nine lakhs and salary and profit from partnership firm for seven lakhs .Is he liable to tax audit under sec 44AB??
Dintakurthi Tirumala
(Expert)
13 September 2011
From A.Y.2011-12 for professionals whose gross receipts exceeds Rs.15 lakhs from their professional income. In your case the proprietorship form has only Rs.9 lakhs so need not to do Tax audit. Profit from partnership firm is not consider for gross receipts purpose.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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