The Professional reciept of an assessee is exactly Rs.10 Lakhs for the asst year 2010-2011. are they subject to Audit U/S 44AB? Please guide me.
Thank you
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TAX AUDIT
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SECTION 44AB
A PERSON CARRYING ON PROFESSION:- IF HIS GROSS RECEIPTS IN PROFESSION FOR THE P/Y RELEVANT TO THE A/Y EXCEEDS Rs. 10 LACS.
receipts should exceed Rs10 lakhs to be subjected to the audit u/s 44AB for the profession.
belated return - AY 8-09 - audit u/e 44 ab is applicable to case - can we do e filing - is site accept that return .
yes audit and return filling are two different things ..... you can file it..... if the audit was completed in time then u can file it without any panelty but if audit was not completed in time then also u file it but with a panelty of rs 1 lac
for F.Y 2009-10
every person is liable to have tax audit if
- carrying on business, if his total turnover, total sales or gross recipts as the case may be exeed or exeeds to Rs 40 lacs in any previous year.
- carrying a profession, if gross receipt from profession exeeds to rs ten lacs in any previous year.
for F.Y 2010-11
every person is liable to have tax audit if
- carrying on business, if his total turnover, total sales or gross recipts as the case may be exeed or exeeds to Rs 60 lacs in any previous year.
- carrying a profession, if gross receipt from profession exeeds to rs fifteen lacs in any previous year.
thanks for sharing
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