Under section 63 of the Income-tax Act, 2025, a person carrying on a profession, who does not declare…
Under section 63(1) (Table: Sl. No. 1(c)) of the Income-tax Act, 2025 (formerly s.44AB(b) of the Income-tax Act, 1961), a person carrying on a profession must get his…
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Under section 63 of the Income-tax Act, 2025, a person carrying on a profession, who does not declare his profits on a presumptive basis, is required to get his accounts audited if his gross receipts from the profession in the tax year exceed:
Answer and explanation
Correct answer D
Under section 63(1) (Table: Sl. No. 1(c)) of the Income-tax Act, 2025 (formerly s.44AB(b) of the Income-tax Act, 1961), a person carrying on a profession must get his accounts audited by an accountant before the specified date if his gross receipts in the profession exceed fifty lakh rupees. Section 63(2) excludes cases where profits are declared on a presumptive basis under section 58(2) or 61(2).
Rs 1 crore is the general limit for a person carrying on business under Sl. No. 1(a), and Rs 40 lakh and Rs 60 lakh are not limits under section 63.
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UGC NET Commerce