A professional is required to get his accounts audited under section 44AB of the Income Tax Act, 1961 where the gross receipts from profession during the financial year 2018-19:

CS Executive · Tax Laws and Practice · PYQS · June 2019
A professional is required to get his accounts audited under section 44AB of the Income Tax Act, 1961 where the gross receipts from profession during the financial year 2018-19:
(A) exceeds ₹100 lakhs
(B) equals to or exceeds ₹50 lakh
(C) equals to or exceeds ₹100 lakh
(D) exceeds ₹50 lakhs

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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