Hello
This query is relating to applicability of Tax Audit (44AB) for a Private Limited company. A private limited company is carrying on activity of accounting, bookkeeping and tax return preparation etc for overseas clients. Company or its directors are not doing any certification work on behalf of the company for is clients. The question is whether the activity of this company is termed as carrying on business or profession? Can a company ever carry on profession as it is an artificial person? If yes what activities are termed as profession?
In this case Company's Turnover for 2018-19 Financial year is above Rs.50 laks but less than Rs. 1 crore. Is this company need to gets its accounts audited u/s 44AB of Income Tax Act?
Thanks, Ramesh
CAclubindia
