REGARDING TAX AUDIT
This query is : Resolved
14 September 2008
SIR/MADAM
MY QUERY IS AS FOLLOWS:
A PROFESSIONAL PARTNER'S CAPITAL ACCOUNT CREDITED WITH RS. 30 LACS AS HIS REMUNATION, RS 2 LACS AS INTEREST ON CAPITAL AND SHARE OF PROFIT OF RS. 3LACS.
THE DISALLOW PORTION OF THIS PARTNER'S REMUNATION IN FIRM'S ACCOUNT WAS RS. 14 LACS.
MY QUERY IS THIS PARTNERS ACCOUNT IS COMES UNDER THE TAX AUDIT OR NOT ?
MY QUERY IS AS FOLLOWS:
A PROFESSIONAL PARTNER'S CAPITAL ACCOUNT CREDITED WITH RS. 30 LACS AS HIS REMUNATION, RS 2 LACS AS INTEREST ON CAPITAL AND SHARE OF PROFIT OF RS. 3LACS.
THE DISALLOW PORTION OF THIS PARTNER'S REMUNATION IN FIRM'S ACCOUNT WAS RS. 14 LACS.
MY QUERY IS THIS PARTNERS ACCOUNT IS COMES UNDER THE TAX AUDIT OR NOT ?
15 September 2008
No, it is not a receipt from profession to be covered under section 44AB for the purpose of Tax Audit.
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