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Tax Audit for professional

Tax queries 451 views 4 replies

Hello everyone

Income from profession is less than INR 75 Lakhs. Not opting for presumptive taxation under 44ADA. Can a assessee maintain books of accounts and file the ITR at less than 50% of the receipts from profession or he will be subjected to tax audit on not declaring 50% of receipts as professional income. Please clarify

 

Thanks

 

Replies (4)

Please furnish more information. 

Yes, as per sub-sec. 44ADA(4) r.e.s. 44AB(d); audit will be mandatory.

Thanks. So a professional has to declare minimum of 50% as income or be subjected to tax audit. Correct sir?

Correct...

Practically audit is preferred...


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