Tax Audit Applicability
This query is : Resolved
22 September 2009
Hello,
My client is a Model and Dress Designer. In the financial Year 2008-2009, she has received receipts from profession amounting to about Rs. 19 lakhs. My question is that is she required to get a Tax Audit done u/s 44AB. Request you to please answer my query urgently.
Further to the above query, can the client show her income as a business of dress designing. In that case can she come out of the provisions of tax Audit as her receipts are below 40 lakhs
My client is a Model and Dress Designer. In the financial Year 2008-2009, she has received receipts from profession amounting to about Rs. 19 lakhs. My question is that is she required to get a Tax Audit done u/s 44AB. Request you to please answer my query urgently.
Further to the above query, can the client show her income as a business of dress designing. In that case can she come out of the provisions of tax Audit as her receipts are below 40 lakhs
22 September 2009
YES,
FOR PROFESSIONALS, IF INCOME EXCEEDS 1000000, ITS MENDATORY TO ACCOUNT AUDITED.
FOR PROFESSIONALS, IF INCOME EXCEEDS 1000000, ITS MENDATORY TO ACCOUNT AUDITED.
22 September 2009
As I have modified my query request you to please resolve the same
22 September 2009
I agree with the views of Expert. Its liable for tax audit. Further to your quesry, If your client is purchasing material and then selling it by modifyinf it or designing it, then you can treat it as business. But if it is in the nature of job work only, then better is show it as professional income.
22 September 2009
agree with tarun
22 September 2009
agree with the above views by expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Portuguese Civil Code IT Return
- Taxability of Partnership firm for FY 2025-26
- GST Rate for Catering Services
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- TDS AND ITR ISSUE
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
