11 March 2009
A partnership firm carrying business of coaching classes consisting of 4 partners. Their qualification is as under 1 Partner- Dr 2 Partner-Dr 3 Partner-MSc 4 Partner-Msc Whether this firm will be professional firm n liable for audit if gross receipts exceeds rs 10,00,000/- The firm also employ staff to provide coaching to students. What is slab of remuneration allowable for them 100000 or 75000
The another partnership with all above characheristic but there are only 2 partners 1 Partner-MS, BE 2 Partner-B sc now what will happen for the purpose of audit n remuneration?
IN THE FIRST CASE SINCE THE NATURE OF BUSINESS IS COACHING CLASSES WILL NOT FALL IN PROFESSIONAL AS SPECIFIED U/S 44AA. HENCE IT IS CONSIDERED AS BUSINESS AND 1ST REMN. SLAB OF RS.75000/- SHALL APPLY.
IN THE SECOND CASE ALSO SAME AS ABOVE WILL APPLY.
REMEMBER HERE FOR ASSMT. OF THE FIRM THE NATURE OF THE BUSINESS OF THE FIRM IS TO BE CONSIDERED AND NOT THE PROFESSION OF THE INDIVIDUAL PARNTERS
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