An assessee carrying on business as well as profession and receipt from profession are 15 lacs and from Business 20 lacs , whether sec 44AB is applicable in this case ??
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limit applicable for 44AB
Replies (4)
Since the professional income exceeded Rs. 10,00,000 the professional accounts are to be audited.
However, if accounts of a particular entity are audited for one category, the other categories are also to be audited, even if the turnover of that other activity does not exceed the prescribed limits.
Hence in your case both and professional and business accounts need to be audited under section 44AB.
Had the turn overs of profession and business were Rs. 9,00,000 and 39,00,000 respectively, then there would not have been the audit under 44AB
Thanks
Hi Nalam..
Can U pls quote any reference for the same...
It is given in 44 AB.
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