Should only the turnover or gross receipts be considered while determining applicability for Audit?
If the Turnover is 25 Lakh and the other income is 1 Crore am I applicable for Audit?
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Section 44 AB
Replies (3)
Whatever be the nomenclature, those receipts should be from either from Business or Profession.Or else you are not subject to 44AB.
But be clear about 'other income' that you have mentioned.Since it leads to heavy tax liability.
Other income comprises of interest
If Whole of One crore comprises only Interest Income,then your are not subjected to Tax Audit.
But taxation may be heavy.
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