A cosmetic surgen (doctor) with other person (non doctor) form LLP to carry business of Cosmetic clinic (hair transplant, beautification).
what is tax audit limit?
What will be LLP status, business or profession for tax audit?
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Tax Audit Limit1
Replies (8)
Profession : 50Lakhs limit is applicable
So professionals in any field need not file returns. No they need to file returns. This is a limit or applicability for tax audit.
Every taxable person has to file Income tax return and there is no exemption to any category of professionals
Sec 139(1) is applicable.
If turnover exceeds 50laks then tax audit is applicable even for profession
Get whole information regarding audit and taxes from Habibullah & Co.
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Sir,
The tax audit limit is Rs. 50Lakhs for professionals. LLP will be considered as Professional status.
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