Tax Audit Limit
This query is : Resolved
30 July 2010
Hi Everyone,
For the F.Y.2009-10 (Asst.year-2010-11),a person is having both Business Income (Turnover Rs.7 Lakhs) and Profession Income( Gross receipts Rs.5 Lakhs). Under the circumstances, I would like to know the applicability of 44AB. Since both put together exceeds Rs.10 Lkahs, does 44AB gets attracted? Pls clarify.
Regards,
Veer
For the F.Y.2009-10 (Asst.year-2010-11),a person is having both Business Income (Turnover Rs.7 Lakhs) and Profession Income( Gross receipts Rs.5 Lakhs). Under the circumstances, I would like to know the applicability of 44AB. Since both put together exceeds Rs.10 Lkahs, does 44AB gets attracted? Pls clarify.
Regards,
Veer
Chandresh Pitroda
(Expert)
30 July 2010
No. Section is applicable where Professiona Receipts exceeds Rs.10 Lakh.
CA.ViVeK M ACA
(Expert)
30 July 2010
As per the provision of the Income tax Act , Tax audit shall be applicable where:-
1) In case where assessee carry on Business or profession total turn over or Gross receipts Exceeds rs 40 lakh
2) in case where the assessee carry on the profession the Receipts excedds 10 lAKH
conclusion
Your case does not fall any of the above so the tax audit shall not be applicable for you
1) In case where assessee carry on Business or profession total turn over or Gross receipts Exceeds rs 40 lakh
2) in case where the assessee carry on the profession the Receipts excedds 10 lAKH
conclusion
Your case does not fall any of the above so the tax audit shall not be applicable for you
CA Ravi Sisodia
(Expert)
30 July 2010
we will see separately Business turnover and professional receipts, dont mix each other.
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