The Professional is having salary income of rs. 29 lacks and also having consultancy fees of rs 4 lacks(its a receipts before any exp.). My question is - Is he liable to tax audit U/s 44ab
The Professional is having salary income of rs. 29 lacks and also having consultancy fees of rs 4 lacks(its a receipts before any exp.). My question is - Is he liable to tax audit U/s 44ab
For audit u/s 44AB gross receipts should be 25 lakhor more for professional. So he won't be liable for audit.
Sec 44AB applicale only in Case where Gross Receipt from Business or Profession exceeds specified limit.
Hence, in your case it is not Applicable
As per the provisions of 44AB any person carrying on Business and whose turnover exceeds Rs.60 lakh or carrying on profession and whose gross receipt exceeds Rs.15 lakh shall be liable for tax audit. As Rs.29 lakh is income from salary and income from profession is less than Rs.15 lakh, hence, the professional mentioned in aforesaid query is not liable for tax audit.
| Originally posted by : vishal | ||
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As per the provisions of 44AB any person carrying on Business and whose turnover exceeds Rs.60 lakh or carrying on profession and whose gross receipt exceeds Rs.15 lakh shall be liable for tax audit. As Rs.29 lakh is income from salary and income from profession is less than Rs.15 lakh, hence, the professional mentioned in aforesaid query is not liable for tax audit. |
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the limits 1 crore & 25 lakhs now .....
yep, the limit is increased to 1 cr. & 25 lakh by finance act 2012.
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