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SECTION 44AB

12 October 2019

Dear sir
one of my client having professional Receipts Rs.45,00,000 ,Which clause U/S 44AB we have to select in AUDIT report...my client is INCOME TAX practitioner...
Thank you

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5 Replies

Akshat Varaiya (229 Points)
Replied 12 October 2019

Dear sir
As per provisions of sec. 44AB, tax audit is to be done when the gross receipts are more than Rs. 50,00,000. In your case, receipts are Rs. 45,00,000 which does not exceed Rs. 50,00,000 so, you are required to do audit.

GANGI NAIDU YANAMANDALA (130 Points)
Replied 12 October 2019

Which clause I have to select sir

Akshat Varaiya (229 Points)
Replied 12 October 2019

As per section 44AB(b), you are not required to do audit...

Suresh Thiyagarajan (Student) (3986 Points)
Replied 12 October 2019

1. As explained above in the case of the profession only if the gross receipts or T.O exceeds Rs. 50 lakhs during the year tax audit u/s 44AB is necessary.
2. Otherwise no need for carrying out tax audit. You don’t need to select any clause. Just enter the amount and pay tax accordingly.
Please correct me if the above solution has an alternative view.

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Kapadia Pravin (17249 Points)
Replied 17 October 2019

@ Gangi

Want to clarify that Professional receipts of 45 lakhs are including GST or excluding GST
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Note that----
For determining 44AB Gross Receipts from Profession is to be considered Gross receipts including GST.

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