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Question ID : 44339

Presumptive taxation for Professionals

A professional having Turnover of 18 Lacs but income of Rs 4 Lacs whether will require Tax Audit as condition for not requiring Tax Audit is that he should not have income more than exempted Limit that is 2.50 Lacs

Posted by Mahesh Kumar on Aug 07, 2022

Filed Under DIRECT TAXES

Answer ID : 83583

Tax audit is required.

Posted by B.CHACKRAPANI WARRIER on Aug 09, 2022
Answer ID : 83632

Yes. Tax audit is required.

Posted by CA. chunauti dholakia on Aug 13, 2022
Answer ID : 83635

If total income exceeds basic exemption limit and profit is less than 50 percent then tax audit required.

Posted by VINAY BHARGAV KUMAR G on Aug 19, 2022
Answer ID : 83655

If income is lower then 50%, tax audit needs to be done

Posted by SURAJ KUMAR CHOUDHARY on Aug 23, 2022