Dear Friends
I have a friends who has proprietorship as software professional. His yearly income for F.Y 2012-2013 is Rs. 27 Lac. Whether he is required to audit his account as a professional as he crossed limit of professional of Rs. 25 lac or he comes limit of 1 crore? In simple sense software professional is a professional u/s 44AB or he is only bussinessman ? Kindly guide me wheather he is required to audit his accounts or not ?
If they are engaged in the business of software purchase and sale, it is a business.
Please note that if they are receiving professional fees after deduction of TDS u/s 194J, there is no escape. they are required to show as professional income and accordingly 44AB will be applicable being lower limit of 25 Lakhs.
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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SMJ global advisors pvt ltd
New Delhi
B.Com
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Shyam Joshi & Associates
Pune
B.Com
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CAclubindia
