Tax audit limit
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 December 2013
Whether a professional (i.e. holding a professional degree) carrying on a business of running a coaching classes. What would be the tax audit limit for such an assesse - 60lakhs or 15 lakhs?
Manish Bhandari
(Expert)
19 December 2013
It will be 25 Lakhs as coaching comes under vocation. And vocation & profession fall under same category.
CA Kedar Sakhardande
(Expert)
19 December 2013
I believe that it should be under catagory of business and limit is Rs. 100 Lacs (AY 13-14)
For me Profession means which requires professional certification doctor, CA LLB etc
For me Profession means which requires professional certification doctor, CA LLB etc
Manish Bhandari
(Expert)
20 December 2013
THERE IS court judgement which i will share as not available with me now, which says vocation is parallel to profession.
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