requirement for au dit?

sumit (CHARTERED ACCOUNTANT) (59 Points)

14 October 2007

three doctors are running a nursing home in partnership. the receipts of nursing home are more than ten lacs p.a. now the doctors are professionals, whether nursing home is required to get its accounts audited?is is a business or profession. please clarify.

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1 Replies

CA.Saibaburao Nanduri (Chartered Accountant) (3847 Points)
Replied 14 October 2007

Dear sumit ! The doctors are doing profession and it is a partnership firm. If the professional receipts exeeds 10 lakhs obtain tax audit report before 31st October and also file their return on or before 31st October. This year such return in ITR-5 must be uploaded (e-filing) on or before 31st October.