Hello,
I am an HR head at a proprietory Information Technology firm, this firm develop custom software and sells its licenses in western countries.
My Question: Do our proprietor fall under Professional or Business category ?
I am confused because there is no clear documentation differentiating business and a profession, and there are two separate audit thresholds for both. I have read that a professional need to go for an audit if his turnover is crosses 50 lakhs in FY 16-17 but for businesses the threshold is 2 crore. Turnover of our proprietor is 64 Laks in FY 16-17.
Please suggest.
CAclubindia
