Audit required for Salary and Paypal Income?

Share
Share This Thread
  1. TaxInfo

    TaxInfo New Member

    This year I switched from a regular salaried income to a IT enabled freelancing job. I have an income from freelancing (with gross receipts) < 25 L + salary income, together income is greater 25L.

    As per Sec 44AB, audit of account is needed if gross receipts are more than 25L. Will I need to get my account audited?
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Yes, as your annual receipts from freelancing job are more than Rs. 25 Lakhs - you would be required to get your accounts audited by a Chartered Accountant.
     
  3. TaxInfo

    TaxInfo New Member

    Annual receipts from freelancing job is less than 25L but if salary is also added to the income it exceeds this limit. Can you please confirm again if audit is needed?
     
  4. Karan Batra

    Karan Batra Well-Known Member

    If Annual receipts from freelancing job are less than 25 lakhs - then Audit is not required.
     
    TaxInfo likes this.
  5. Karan Batra

    Karan Batra Well-Known Member

    The fact that Rs. 25 Lakhs includes salary was not clear in the original query
     
    TaxInfo likes this.
  6. TaxInfo

    TaxInfo New Member

    ok thanks!
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
auditing required ? Income Tax Jul 24, 2017
How to determine if audit is required for ITR filling the losses from trading Income Tax Jul 19, 2017
CA required to audit Futures and Options Losses Income Tax Aug 22, 2015
Is Audit required in case of an Individual working as Contractor? Income Tax Aug 5, 2015
TAX AUDIT LIMIT FY 16-17 PROFESSIONAL Income Tax Sep 2, 2017