Individual tax audit query

Others 3353 views 9 replies

Rishi

abc

35 Points Joined April 2012

My income has 2 components

1) Salary - (say 10 Lacs)

2) Income from professional services (say 9 Lacs)

My queries are

1) As per section 44AB of income tax audit, do i need audit?

2) Do we need to add whole income (SALARY+professional service income) for deciding the tax audit requirements or its just the professional/business income thats is to be taken into account? Somebody told me that i need audit.

3) In case audit is not required, would an audit be required when my professional services income exceeds 15 Lakhs.

Thanks in adavance for your valauable suggestions.

Thanks
Rishi

Replies (9)

Rahul Sharma

Practicing Chartered Accountant

131 Points Joined January 2010

1) No.

2) No.

3) Yes.

prateek aanchalia

859 Points Joined April 2010

Dear friend

when professional income is more than 15 lacs during the FY11-12 than tax audit required. otherwise u not liable to tax audit.

salary income is not part of our trunover (business income).

but if u get salary from partnership firm as partner than it is part of business income.

CA PRAVEEN SINGH

MANAGER ACCOUNTS

2277 Points Joined August 2011

MY Dear friend. Tax audit u/s 44AB Require when professioal income is exceed 15 lacs in previous year.

for calculating above limit salary income is not added...

so that in your case tax audit is not require...

Guest

NOW LIMIT INCREASED TO 25 LAKHS FOR ASSESSMENT YEAR 2013-14..

sandesh Dharmaji Lakhan

ACCOUNTS MANEGER

50 Points Joined November 2011

Dear Sir,

When your professional income is more than 25 lakhs during the F.Y. 2012 -13 then tax audit require. Earlier limit was 15 lakhs.

Your Salary is not part of your business income and Its calculate seperately.

So tax audit is not require in your case.

Thanks.

Sandesh Lakhan

angelinaB

none

26 Points Joined April 2012

Tax audits can be stressful, time consuming and potentially expensive. Learning the best way to keep away from a tax audit has everything to do with preparation and playing by the rules. Thankfully, a lot of people aren't audited if their numbers are near the norms for other filers within their tax bracket. How to survive a tax audit? Here are some tips for minimizing the pain of an audit: Keep things in perspective, Get help, Provide exactly what the agent asks for, Don't assume the IRS is right, and Decline requests to extend the IRS's deadline.

Krishnamurthy

Founder

54 Points Joined September 2011

Hi,

My income for the Financial Year 2011-12 from the Professional Services is Rs 13.79 lakhs. My Interest Income from Bank FD is Rs 92,000. I have four queries:

1. Do I need to undergo Tax Audit for the financial year 2011-12 ?

2. Can I file the return Online without buying a Digital Signature to file the Returns ?

3. Also how do I ensure that the Tax Refund cheques gets directly credited to my Bank Account, instead of Tax Authories sending the refund cheque by courier to my residential address ? ( There may be change of residential address by the time, the tax refund becomes payable, hence need the clarification)

4. What is last date for filing tax returns for me, my wife ( housewife) and daughter ( student) ? ( my wife and daugher have interest incomes only)

Thanks.

jaspal

...

32 Points Joined January 2010

I am an individual doing business. I was having sales below 60 lakhs in the year 2010-11 and I was not deducting TDS on payment or bills. In the year 2011-12 the sale is more than 60 lakhs and liable to TAX audit . Now I have to deduct TDS. The sale of Rs.60lakhs is crossed from December or January 2012. From which date TDS is to be deducted.