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)
Follow

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)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Phani

Rasheed Mohd Abdul

shreesh acharya

Sagar Goyal

suresh kotte

Subscribe Now

Tax audit of professional

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final