audit u/s 44 AB OR NOT
This query is : Resolved
27 May 2010
IF ASSESSEE HAS PROFESSION OF PROVIDING CONSULTANCY ENGINEER SERVICE AND IT IS A P'SHIP AND THE PARTNER RECEIVED THE REMUNERATION AND INTEREST FROM P'SHIP OF AMT MORE THAN 10 LACS SO WHETHER PARTNER IS LIABLE FOR CONDUCTIONG AUDIT U/S 44 AB AS PER FINANCE ACT 2009.
27 May 2010
As per my opinion, only partnership firm will be liable for conducting audit u/s 44 AB. Because he is getting remuneration and interest which is earned by him carrying business in partnership firm.
Other expert's views are solicited.
Other expert's views are solicited.
27 May 2010
It is the Sale, Gross Receipt or Turnover from Business or Profession which is to be considered for the purpose of Tax Audit u/s 44AB. Therefore, remuneration and interest from partnership firm will not come under the terms sales,gross receipts or turn over and hence partners account need not be audited under section 44AB.
27 May 2010
Just to confirm the views expressed by My friend BC I would like to add that the following two points
1- It is the revenue of the business which is covered under the provision of section 44AB, Salary and interest received from partnership firm is not direct revenue of business but an distribution of profits generated out of that revenue which is subject to tax audit. The revenue has already been audited in the hands of the firm
2- The partner is not in the a professional as provided in the Act, hence he is not subject to tax audit, even if the income > 10 lac is received by him from the firm.
So I agree with the view expressed by him.
1- It is the revenue of the business which is covered under the provision of section 44AB, Salary and interest received from partnership firm is not direct revenue of business but an distribution of profits generated out of that revenue which is subject to tax audit. The revenue has already been audited in the hands of the firm
2- The partner is not in the a professional as provided in the Act, hence he is not subject to tax audit, even if the income > 10 lac is received by him from the firm.
So I agree with the view expressed by him.
27 May 2010
Just to confirm the views expressed by My friend BC I would like to add that the following two points
1- It is the revenue of the business which is covered under the provision of section 44AB, Salary and interest received from partnership firm is not direct revenue of business but an distribution of profits generated out of that revenue which is subject to tax audit. The revenue has already been audited in the hands of the firm
2- The partner is not in the a professional as provided in the Act, hence he is not subject to tax audit, even if the income > 10 lac is received by him from the firm.
So I agree with the view expressed by him.
1- It is the revenue of the business which is covered under the provision of section 44AB, Salary and interest received from partnership firm is not direct revenue of business but an distribution of profits generated out of that revenue which is subject to tax audit. The revenue has already been audited in the hands of the firm
2- The partner is not in the a professional as provided in the Act, hence he is not subject to tax audit, even if the income > 10 lac is received by him from the firm.
So I agree with the view expressed by him.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
