Tax audit u/s 44AB
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 July 2011
Mr. X who is qualified mechanical engineer, is a proprietor of authorised service centre of reputed company. The comapny have deducted tax u/s194J on the bill of the Mr. x for rendering service to the customer the comany. During the finanacial 2010-11 his turnover for the service is Rs. 35,00,000/-. My question is whether his account is required to be audited u/s. 44AB ,if he maintain profit margin @ 8% or more
10 July 2011
No Need of Any audit under the provisions of Income Tax Act required.
10 July 2011
as the deduction is made u/s 194J, so the audit is compulsary if his receipts are above 15L ( professional income)
11 July 2011
Since Mr.X is a professional Engineer his limit is only 15 lac and if he crosses this limit he is covered by the provisions of Section 44AB and is required to get his accounts audited
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