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Tax audit limits for a person who runs trade come profession

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13 Points Posted on 31 January 2019
Tax audit limits for person who sells vaccinations and also render consultation service
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On 31 January 2019 at 09:43 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 31 January 2019

Both are considered separately, but if either of them is liable for audit as per sec. 44AB, both are audited.

Refer:  ICAI guidance notes

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On 31 January 2019 at 18:59
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13 Points Posted on 31 January 2019
I have 48 lakhs of professional income
and 92 lakhs of trade .In that case both are not within limits there is no need to conduct tax auditp
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On 31 January 2019 at 19:22
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SEO Sai Gr. Hosp.
211715 Points Posted on 31 January 2019

Correct.

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On 31 January 2019 at 19:26
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13 Points Posted on 31 January 2019
which section will specifically tell it is not applicable
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On 31 January 2019 at 19:29
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SEO Sai Gr. Hosp.
211715 Points Posted on 31 January 2019

Section 44AB of IT act.

Clarification issued by ICAI under Guidance notes (link provided earlier + attached herewith) on page 46 para 5.20.

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On 31 January 2019 at 20:53


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