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Audit required or not

shruti (.) (240 Points)

13 March 2014

my friend received 40 lakh in 2013-2014 as advertisement receipt from software uploaded in android market . my friend is bca and mba qualifed. whether audit required in 2013 -2014. whether he covered under business or profession . please help

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11 Replies

shruti (.) (240 Points)
Replied 13 March 2014

Will he covered under business limit of 1 crore or covered under profession limit of 25 lakh

MANJULA (Article assisstant) (103 Points)
Replied 13 March 2014

Yes, she is assessed to tax for the year 2013-14. It is being made due to his professional skills i.e., income earned by using the professional skills

shruti (.) (240 Points)
Replied 13 March 2014

I think that profession specified under section 44aa is covered in audit limit of25 lakh limit. I think he will covered under 1 crore limit. hence no audit required

MANJULA (Article assisstant) (103 Points)
Replied 13 March 2014

Sorry could not understand your point of stand could you pls. explain it

shruti (.) (240 Points)
Replied 13 March 2014

my view is that profession covered under 44aa ( engineer, accountancy, legal, medical) is covered under for audit limit of 25 lakh. my friend is not cove red under above he is simply a bca and mba qualified . I think he will covered under 1 crore limit . no audit required for my friend . am I wrong or right

MANJULA (Article assisstant) (103 Points)
Replied 13 March 2014

It includes Technical Consultancy also which may be applicable

shruti (.) (240 Points)
Replied 13 March 2014

software is my property and continuously repair and update it by my self., I received money from Google for advertisement in the software as you normally see in android application phone

MANJULA (Article assisstant) (103 Points)
Replied 13 March 2014

You may query Income Tax Department in the following website:

https://www.incometaxindia.gov.in/home.asp

shruti (.) (240 Points)
Replied 13 March 2014

can u tell me mail I'd if income tax department or query section . I don'tknow where is available and will they reply me or not. thanks for your reply . good bless you and tHanks for yourtime and for help.

MANJULA (Article assisstant) (103 Points)
Replied 13 March 2014

go with the link in my previous message you would get it.

Girish C Gaikwad (Chartered Accountant) (55 Points)
Replied 15 March 2014

Information Technology & Technical Consultancy are covered under Profession as per GN on Tax Audit u/s 44AB. So Tax Audit applicable as limit fot gross receipt is Rs.25 lacs.

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