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Direct Taxation
A single person does both business and profession then for knowing the compliance with audit how the limits will be applied?
Answers (5)
In Section 44AB it is given that gross receipts/turnover in case of business or gross receipts in case of profession exceeds the prescribed limits then tax audit is applicable. Here OR can be interpreted as any of the conditions.So the limit is about gross receipts whether business or profession and the gross receipts includes the amounts which are received or receivable on sale of goods, hence when a person having both business and profession, if his gross receipts exceeds 50,00,000/- then he has to undergo audit u/s 44AB hence it person specific.