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