kollipara sundaraiah asked 1 year ago
It person source of income detailes mentioned below in f.y. 21-22
- sec 194j receipts for professional income rs:40,17,500/- tds paid rs:401750/-
- sale of medicines turnover from pharmacy business rs:85 lacs
- rental income from commerical property rs:2,40,000/-
Query:
Assessee tax audit applicable or normal itr filed in f.y. 21-22
Abhishek answered 1 year ago
Limit for tax audit u/a 44AB for financial year 2021-22 are:-
1. Turnover above 1 crore (if minimum 95% transactions in digital mode than turnover limit is 10 crore) in any previous year.
2. Gross receipts from profession exceeds 50 lakh rupees.
In your case, assessee is carrying on profession and business both but turnover limit of business and profession is still to be checked separately.
For profession gross receipts are not more than 50 lakh.
For business turnover is not more than 1 crore.
Hence assesse is not required to get his accounts audited.
But being a professional , section 44AB(d) may be applicable to assesse, if he declares his profit less than deemed profit under 44ADA and if his total income above basic exemption limit then he is required to get his accounts audited.