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

Answer ID : 83583

Tax audit is required.

Answer ID : 83632

Yes. Tax audit is required.

Answer ID : 83635

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

Answer ID : 83655

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

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