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TAX AUDIT

Tax queries 719 views 6 replies

Deepa

CA and CS Final B.Com University First

195 Points Joined October 2008

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

Replies (6)

Ansari

ca final

444 Points Joined November 2009

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.`

Gokul Viswanath Shenoy

Company Secretary & Finance Manager

430 Points Joined August 2009

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

Guest

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.