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Audit required or not
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
Replies (11)
Will he covered under business limit of 1 crore or covered under profession limit of 25 lakh
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
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
Sorry could not understand your point of stand could you pls. explain it
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
It includes Technical Consultancy also which may be applicable
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
You may query Income Tax Department in the following website:
https://www.incometaxindia.gov.in/home.asp
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.
go with the link in my previous message you would get it.
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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