CAN A PROFESSIONAL (NOT OPTING FOR PRESUMPTIVE INCOME SCHEME) SHOW HIS PROFIT BELOW 50%?
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Income of professional
Replies (5)
Yes he may declare gain below 50% of gross receipts...
You must keep the proof of expenses...
Will be liable for audit....
WHAT IF HIS TOTAL PROFESSIONAL RECEIPTS ARE BELOW 25 LAKHS? STILL NEEDS TO GET AUDITED?
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...
Thank you!
It's My Pleasure.........
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