sec44AB

This query is : Resolved

HENA (Querist)
Follow

07 March 2010 For the purpose of sec 44AB of Income Tax Act, what is the status of a CA Firm(Partnership)-a "Professional" (tax audit limit:15 lakh) OR "Business" (tax audit limit: 60lakh)?

CA Mohd. Ubaid

CA Mohd. Ubaid (Expert)
Follow

07 March 2010 For A.Y. 2010-2011 the limit would be Rs 10 lakhs whereas for A.Y. 2011-2012 the limit would be Rs 15 Lakhs.

HENA

HENA (Querist)
Follow

07 March 2010 My Que is about Status not limit?

Upgrade to CAclubindia Pro. Subscribe Now!

HENA

HENA (Querist)
Follow

07 March 2010 Answer whether Professional or Business?

M Prabhakar Menon

M Prabhakar Menon (Expert)
Follow

07 March 2010 Mr Ubaid is right its under professional not business

CA.SHAHZAD SAYYED

CA.SHAHZAD SAYYED (Expert)
Follow

07 March 2010 Dear Hena
Partnership Firm of CA is also providing Professional Services collectively, so Question of Business doesn't arise.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
Follow

07 March 2010 status of partnership CA Firm -- Professional (tax audit limit:15 lakh)

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

07 March 2010 it is professional work so new audit limit 15 lac but for A.Y. 2010-11 it is 10 lac

Upgrade to CAclubindia Pro. Subscribe Now!

NEHA SARAF (Mcom, CA , CS)

NEHA SARAF (Mcom, CA , CS) (Expert)
Follow

07 March 2010 Proffesional

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

07 March 2010 Professionals status

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

07 March 2010 Pl refer CBDT notification N0. S0-17(E) dated 12/01/1977 and No SO 2675 dated 25/09/1972.
You may also refer CIT vs. Manmohan Das (1966) 59 ITR 699 (SC) to know more about profession/business.
To conclude, the answer is Professon.

HENA

HENA (Querist)
Follow

11 March 2010 Thanx to all for ur valuable input.

Upgrade to CAclubindia Pro. Subscribe Now!