CAN A PROFESSIONAL (NOT OPTING FOR PRESUMPTIVE INCOME SCHEME) SHOW HIS PROFIT BELOW 50%?
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 16 June 2017
Yes he may declare gain below 50% of gross receipts...
You must keep the proof of expenses...
Will be liable for audit....
Madhavi
(articleship)
(49 Points)
Replied 16 June 2017
WHAT IF HIS TOTAL PROFESSIONAL RECEIPTS ARE BELOW 25 LAKHS? STILL NEEDS TO GET AUDITED?
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 16 June 2017
As per Finance Act 2016 the limit of audit for Professional has been extend to Rs. 50 Lakhs.
Audit is mandatory if your gross receipts exceed Rs. 50 Lakhs.
If your gross receipts is below Rs. 50 Lakhs or below Rs. 25 Lakhs(as you said) then you still liable for audit if you declare gain below 50% of Gross receipts.....
In sort to say yes still you are liable for audit...
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 16 June 2017
It's My Pleasure.........
CAclubindia
