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Finance Bill 2009 amendment

694 views 2 replies

Vinay Ramachandran

Chartered Accountant

168 Points Posted on 07 July 2009

Hi,

in the budget the FM had announced that business with turnover less than 40 lakhs will be covered under presumptive taxation....

does business incluide profession???

i.e a consultant with turnover of less than 40 lakhs can avail of this benefit??

ANY Ideas????????

Replies (2)

sagar

CA Final

379 Points Posted on 07 July 2009

Yes, The the asessee has to be Individual, HUF, Firm. So the consulatcy Profession also covers under above

LAXMIKANT JAIPURKAR

Practicing Company Secretary/Tax Consult

403 Points Posted on 07 July 2009

I don't with Sagar. The limit of audit for the professions is 10 lacs and not 40 lacs as for the businessmen. For any professional, the net profit is required to be shown atleast 25% of gross receipts otherwise such persons have to face the income tax scrutiny. Therefore, the criteria of presumptive taxation will be not applicable to the profesisonals.