Tax Audit of CA with receipts 10L
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2010
I would like to know, whether a CA whose receipts during the FY are Rs.9 Lakhs but has raised bills for Rs.11 Lakhs, will he be liable to Tax Audit.
i.e. He is a practicing CA (indiviudal) who has received total payments of Rs.9 L during the FY against bills raised for Rs. 11 L. Will such CA be liable to Tax Audit for that FY
i.e. He is a practicing CA (indiviudal) who has received total payments of Rs.9 L during the FY against bills raised for Rs. 11 L. Will such CA be liable to Tax Audit for that FY
Aditya Maheshwari
(Expert)
24 June 2010
Not liable as the gross receipts should exceed Rs. 10 lakhs. Also the accounting will be on cash basis and hence the receipts in the income & expenditure account will not exceed Rs. 10 lakhs and hence not liable for audit.
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