sales turnover is 390000 lacs & professional fees received rs.3 lacs should i go in income tax audit?



1)sales turnover is 39,00,000/- & i have received professional fees of rs.3,00,000/- should i cover under the income tax audit.
2)if professional fees received from the business sources which is resemble to my business then it cover under turnover.
3) If profession fees received totally different nature of the business sources other than my regular business.

sales turnover is 390000 lacs & professional fees received rs.3 lacs should i go in income tax audit?
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2 Replies to “sales turnover is 390000 lacs & professional fees received rs.3 lacs should i go in income tax audit?”

  1. If the business turnover is strictly within 40 lacs Rs. then no tax audit is called for.

    2. You seem to have some doubt as to the nature of fees received. But, if you are sure that the fees received was for using your individual skills and not arising out of the business in which you are, then, fees will not be included as your business turnover. (Your question 3 refers.)

    3. With about 40 lacs turnover, you will save some tax if you engage a professional CA or tax advisor to prepare your tax return. The fees paid will be well worth the trouble.


  2. hi

    I fully agree with Subasu’s post. Only major issue to be resolved is nature of the receipt of Rs.3.00 Lacs for the purposes of Section 44AB.

    If it is `Professional Receipt’ then tax audit is not required to be complied with. If Rs.3.00 falls under Business receipt, it will require Tax Audit.

    Please have that issue evaluated professionally by any local CA.

    Good luck.





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