Income from Business and Profession
Business refers to any kind of economic activity done by an assesse for earning profits.
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Income from Business and Profession
In the case of a businessman, if his total turnover from business exceeds Rs 1 crore, he is liable to an audit under the Income-tax Act under Section 44AB. In case he is a professional, if his gross receipts exceed Rs 25 lakhs, he is liable for a tax audit.
