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Tax Audit Applicability of Professionals for A.Y.2011 -12

Others 2144 views 3 replies

Dear Sirs,

                   One of our client was subject to Tax Audit during A.Y.2010-11.

                   He is a Professional.

                   He has earned the following Income for the A.Y.2011-12 :-

                  1) Business Income (Professional)       (Apr-Nov)                           >  Rs.14,00,000

                  2) Income from Salaries                        (Dec-Mar)                          >  Rs.  9,00,000

                  3) Income from Other Sources                                                        > Rs.      20,000

 

                  Kindly let me whether he is liable for Tax Audit for the A.Y.2011-12 considering the above facts .

                  Awaiting your reply at the earliest.

                 

                 Thank you

                    

Replies (3)

plz provide the gross receipts of your profession, coz applicability of tax audit is determined by the gross receipts rather than the net profit/income...........--sec 44AB

in case, if your gross receipt exceed15 LAKH, then tax audit ll b applicable.....

 

plz correct me if m wrng

Dear Sumit Sir,

                      The Gross Receipts of the Individual (who is a professional) is Rs.14,00,000 only

                       So will Tax Audit be applicable to him

                        Kindly reply

     Thanks

For service providers if gross recipet exceeds rs 15,00,000 then only sec 44AB is applicable for tax audit.


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