PRAKASH MATUPALLI asked 2 years ago
Sir
if a Specified professional whose total income for the particular financial year is lets say 10 lakhs and he needs to offer income below 50 Percent by maintaining Books of Accounts in such case will he be required to get his books of accounts audited ??? What are limits specified for professionals for the Audit of Books OF Accounts ??? Just like we have limit for Business Persons ie 1 Crore like that is there any limit for professionals as well ???
1 Answers
Ravi Staff answered 2 years ago
for professionals if gross receipts are not exceeding 50 lakhs, he can declare 50% as total income and pay taxes
if he wants to show income below that, he has to get his books audited
if his income is not cross basic exemption limit no need to get books audited