For a proprietorship business, employing 15 people, building software as per client requirement, what is the limit for getting Tax audit done?
All transactions are digital.
Can someone please guide me?
Thanks in advance.
4 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 30 December 2021
Above 10 crore turnover audit is required
Sanket
(13 Points)
Replied 30 December 2021
Thank you Sir,
However I am being told, that software development is a Profession, and it is a proprietorship firm, so the limit of 50 Lakh of Professionals will be applicable for Tax Audit. Is that right? or it should be 10 crores only.
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 30 December 2021
Yaa it is right, in case of profession limit is 50 lakhs and software development is a profession
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 30 December 2021
Software development is a profession and hence U/s 44AB(b) if gross receipts exceeds Rs 50 lacs during the year, tax audit would be mandatory.
Recent Topics
- Section 194T : TDS application
- Hike in ATM charges effective from 1st May 2025
- Refund for excess TDS deposited under 26QC
- 7th Pay Commission Leave Rules for Central Governm
- 26QB - TDS on Property, intt and Penalty
- GST Appeal with Tribunal
- TDS for Non Profit
- Report in GSTR 1- Export invoice
- Close Shipping Bill Without Payment (Due to Damage
- TDS on GST on Metal Scrap
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
