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?
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.
If Whole of One crore comprises only Interest Income,then your are not subjected to Tax Audit.
But taxation may be heavy.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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