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Audit Limit

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3 Points Posted on 07 February 2020
Profession of a person is interior decoration , but he makes a sole proprietorship firm in the name of his wife and works as an employee and takes salary from his wife. the question arise his firm which is in the name of his wife liable to audit if receipts more than 50lakhs or 1 crore?
* His wife is not a professional.
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On 07 February 2020 at 06:47 Report
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Practice
3235 Points Posted on 07 February 2020
Upto 2 crore if presumptive income is more or equal to 8% or 6% no audit if below 8% or 6% audit required
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On 07 February 2020 at 08:25
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Chartered Accountant
172 Points Posted on 07 February 2020

In my opinion, this will be considered as Profession only since it depends on nature of service and nature of service in this case demands specialised knowledge. It does not matter even if the person who renders the service is not a professional degreeholder.

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On 07 February 2020 at 09:33
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3 Points Posted on 07 February 2020
I am thinking same that it will be covered u/s 44ADA not 44AD.
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On 07 February 2020 at 09:48
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Chartered Accountant
172 Points Posted on 07 February 2020

It will be covered u/s. 44ADA

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On 07 February 2020 at 09:58


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