Tax audit for individual professional/service provider

2363 views

Save Share

DJ

Proprietor

32 Points Posted on 23 July 2013

Hello Experts,

I am filing my ITR4 using the Nature of Business as 0714 - Service Sector [Others]. What is the Gross Revenue Limit for me for the need to have Tax Audit - 25 lacs or 1 crore?

Also, does it make any difference if insted of 0714 - Service Sector [Others], I use 0607 - Professionals [Others] as Nature of Business? What is the difference between the two?

Thanks for your support.

Regards.

Replies (2)

Dipjyoti Majumdar

CA in service & CS. dipmaj@

2877 Points Posted on 23 July 2013

The limit for you is 25 L. To identify the exact or correct code you need to say something about the nature of service provided by you.

Thanks,

DJ

Proprietor

32 Points Posted on 23 July 2013

Originally posted by : Dipjyoti Majumdar
	The limit for you is 25 L. To identify the exact or correct code you need to say something about the nature of service provided by you. Thanks,

Thanks for the reply.

To describe my nature of business:

I provide services to authors and publishing companies for graphic illustrations of various kinds e.g. children story books, novels, maps, help screens etc. All my customers are non-Indian entities. I employ a few people - both as employees as well as freelance service providers.

As such, what is the correct "Nature of Business" code that I must use when filing my ITR?

Many thanks again for the support.

Regards.