Dear Expert,
An LLP (Service Provider)having an income of Rs 65 lakh during the FY 2018-19. Break up 10lakh from professional service and balance amount of Rs 55 lakh from sale of software.
Previous year income as follows
(F.Y 17-18 income 9.89 lakh,
F.Y 2016-17 income-34.86lakh)
kindly confirm is Tax Audit applicable for F Y 2018-19?
Thanks in Advance.
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Urgent- Tax Audit or Not?
Replies (10)
Not applicable for LLP ...
@ Atul
For tax audit eligibility Turnover or Gross Receipts is decoding factor.
What is Total Gross Receipts from Professional Services ?
What is Total sales from Software ?
If total of both exceed then TaxAudit is required. under section 44AB
For tax audit eligibility Turnover or Gross Receipts is decoding factor.
What is Total Gross Receipts from Professional Services ?
What is Total sales from Software ?
If total of both exceed then TaxAudit is required. under section 44AB
| Originally posted by : Atul M | ||
 |
Dear Expert,An LLP (Service Provider)having an income of Rs 65 lakh during the FY 2018-19. Break up 10lakh from professional service and balance amount of Rs 55 lakh from sale of software.Previous year income as follows (F.Y 17-18 income 9.89 lakh, F.Y 2016-17 income-34.86lakh) kindly confirm is Tax Audit applicable for F Y 2018-19?Thanks in Advance. |  |
Tax Audit not applicable as per sec 44AB of IT act...
Dear Sir,
The gross receipt has already disclosed above .
The gross receipt has already disclosed above .
As per the query.,
Tax Audit not applicable...
Tax Audit not applicable...
@ Kapadia Pravin
Dear Sir,
including both 65 Lakh during the f.y 2018-19.
Sales of Service -10 Lakh
Sale of Software(Trading ) -55 lakh
Dear Sir,
including both 65 Lakh during the f.y 2018-19.
Sales of Service -10 Lakh
Sale of Software(Trading ) -55 lakh
@ Mr Atul M.,
As per sec 44AB :
Professional income exceeding Rs 50lakhs then tax audit applicable. In your it's only Rs 10lakhs
Business income exceeding Rs 1cr then Tax audit applicable. in Your case it's only Rs 55.lakhs.
As per sec 44AB :
Professional income exceeding Rs 50lakhs then tax audit applicable. In your it's only Rs 10lakhs
Business income exceeding Rs 1cr then Tax audit applicable. in Your case it's only Rs 55.lakhs.
@ Atul
As clarified by you, the software turnover 55 lakhs and Professional gross receipts 10 lakhs .
And hence no tax is required under 44AB
As clarified by you, the software turnover 55 lakhs and Professional gross receipts 10 lakhs .
And hence no tax is required under 44AB
Thanks, Mr Raja P M & Mr Pravin Kapadia for your valuable reply.
By considering professional service not covered under section 44ADA, Tax Audit is not applicable in the given situation.
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