Hi,
I am an IT consultant. I work at a company and also teach at an educational institute.
I registered a proprietorship in 2017 and since then I have been paying service tax/GST properly.
I file ITR3 typically since it takes care of both my salary income as well as consultation income.
I recently heard about ROC returns -- do I need to file them?
My income from consultation has not crossed 50 lakhs but my overall income is more. Do I need to get audited?
Please let me know.
Regards,
Ramesh
Thanks a lot for your time, Ayusmita.
I always thought that audit needs to be done if professional income from consultation crosses 50 lakhs.
In my case, my overall income is >1cr. My salary income is more. But my professional income from consultation is <50 lakhs.
In that case, should I get audit done? Please let me know.
Also, typically how much time/money does a typical audit cost?
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