I am properitor of a web design and development company. Would my company be counted as professional or normal company and based on that criteria what would be the audit slab?
2 Replies
virender kumar
(ASSISTANT MANAGER-ACCOUNTS & FINANCE)
(45 Points)
Replied 18 November 2010
WILL BE CONSIDERED AS PROFESSION AND AUDIT LIMIT FOR UR CONCERN WILL BE 10 LACS P.A.
Kumar
(CA)
(666 Points)
Replied 18 November 2010
Hi Ashish,
Virender is right.
Doing Web site design and development is carrying out profession
On the other hand if one prepares Softwares and sell them to Customer, then it will be covered under Business
Finance Act 2010, has increased the limits to 15 lakhs but this will be applicable only w.e.f. 01.04.2011.
Hence for determining tax audit applicability for financial year ended 31.03.2011, Rs.10 lakhs is the limit applicable
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