Whether a professional (i.e. holding a professional degree) carrying on a business of running a coaching classes would be covered under the scope of 'eligible business' as per the revised section 44AD? What would be the tax audit limit for such an assessee - 60lakhs or 15 lakhs?
Please reply quick
| Originally posted by : Alpana | ||
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Whether a professional (i.e. holding a professional degree) carrying on a business of running a coaching classes would be covered under the scope of 'eligible business' as per the revised section 44AD? What would be the tax audit limit for such an assessee - 60lakhs or 15 lakhs? Please reply quick |
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@ Rohit - pls luk at dis link, although thr are varying views here as well it might help u :
https://www.pdicai.org/ansDisp.aspx?queId=12502
Dear Alpana and Rohit,
From A.Y 2011 - 12 onwards, the Turnover Limit for business would be Rs. 60 Lakhs and tax audit to be applicable u/s 44AB. Tax Audit will not be applicable u/s 44AD. Here Gross Receipts of Coaching class will be considered Income from Business and would be applicable for Tax Audit u/s 44AB.
Regards,
Devendra Kulkarni
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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O P Bagla & Co LLP
New Delhi
CA Inter
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YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
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