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Tax audit applicability
Any assessee (professional architect ) having professional income of rs 8,00,000 a year n receives a contract of 60,00,000 for a works contract of a business place. The contract is inclusive of material n all expenses. Does he need to be audited under 44ab for the year? And what about the service tax components to be in the contract.
Replies (1)
For computing limit u/s 44ab, receipts of Business & Profession should not be clubbed. Sec 44ab deals with Professional services only. In case if the service component in the works contract is related to Professional service you have to club that service value
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