Tax Audit Limit

HELLO

FOR TAX AUDIT ITS SHOULD BE 40L OR MORE THEN THAT....

Originally posted by :Balasubramanya
"	HELLO FOR TAX AUDIT ITS SHOULD BE 40L OR MORE THEN THAT....	"

but he is Professional and for  professionals tax audit limit is Rs 10L

you are wright bala

but this is in case of business

in case of profession if your gross receipt  is Rs. 1000000  more then  also tax audit require

and

Manoj I think no need for tax audit because professional receipt is Rs. 6L<10L

can you explain of that

read section 44AB of income tax act

thanks mukesh

 Sec 44AB bifurcate income into 2 parts Income from Buz & income from Profession but what if an individual earns income from buz as well as prof, then what will be the Tax audit Limit ?

see manoj as per language of act, there is also gross receipt shall be taken into consideration and i think ur question is question of law so it is better to tax audit

Manoj, in your case Tax Audit u/s. 44AB not applicable since, your assessee carrying profession activity not crossing limit of 10 lacs and on other side he is receiving remuneration, which you cannot take into consideration for specifying tax audit limit coz for that turnover the said partnership firm is applicable for tax audit if he is crosses the limit of tax audit..hope i have clear your doubt.

thanks all of you............

tax audit limit in the case of trust income