Tax audit of professional

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2012 If the professional income of Mr. A is Rs. 13,00,000/- and interest income is Rs. 4,00,000/- for F.Y. 2011-12

Then is he liable for Tax Audit u/s 44AB????

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 July 2012 Section 44AB reads as under:

".....carrying on profession shall, if his GROSS RECEIPTS IN PROFESSION exceed Rs. 15 lakhs" get his accounts audited

As is clear from the above wording, only PROFESSIONAL RECEIPTS are to be seen for the applicability of Section 44AB and NOT TOTAL INCOME.

Since the professional receipts DO NOT exceed Rs. 15 lakhs, Mr A is NOT required to get his accounts audited.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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05 July 2012 YES AGREE WITH SIDDHARTHA
AUDIT LIMIT FOR PROFESSIONAL FOR F.Y 2011-12 IS 15 LAKHS.
SO AUDIT IS NOT MANDATORY FOR YOU.
YOUR PROFESSIONAL RECEIPT ARE NOT EXCEED RS 15LAKHS.

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