Priyank (CA in Practice) (44 Points)
27 June 2011One of my client is doing business of accounting of US and other nation's company's account.
Its turnover for the year 2010-11 is more than 40 Lacs Rs.
whether it is liable for tax audit under section 44AB of the Income Tax Act.
Seeking clarification
Thanks in advance
Vikas
(CA)
(1135 Points)
Replied 27 June 2011
In my opinion, if the accounting service is being provided, then the 44AB limit would be as of being a professional i.e., Rs.15 lakhs/- and there is no specific distinction made under this section for the kind of service provided.
CONCLUSION : YES.
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 27 June 2011
it depends on who is your client.
If your client is a Professional as specified in sec 44AB then 15 lakhs limit is applicable
otherwise 60 lakhs limit is applicable
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 27 June 2011
| Originally posted by : AMANPREET SINGH | ||
 |
it depends on who is your client. If your client is a Professional as specified in sec 44AB then 15 lakhs limit is applicable otherwise 60 lakhs limit is applicable |
 |
praveen
(Chartered Accountant)
(6971 Points)
Replied 28 June 2011
I think it is professional service and hence the 15Lakhs limit will be applicable.
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