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Tax audit applicability

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 December 2013 Whether tax audit will be applicable in following situation?
One partner receives only interest and remuneration income from partnership firm. Partnership firm may be 1 or more than 1. But these 2 income exceeds 1 crore. Then tax audit u/s 44AB would be applicable? please provide particular reference of this point or decided case laws if any.
Please reply fast.
Thanking You.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
30 December 2013 yes. given that remuneration received from partnership is considered as business income, 44AB should apply in such a case.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
30 December 2013 yes sec 44AB very well applies in this case also.
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 December 2013 Pls. provide reference with particular coverage of this point or decided case laws.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
30 December 2013 when income exceeds rs 1 crore then there is no need for any case law just refer the bare provision of section 44AB
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
30 December 2013 your query seems like a CA exam question.,.Answer on the basis of decided case laws. Man read the act.
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 December 2013 Then new question arises what you audit in such a case. where only two income and nothing else?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
30 December 2013 so how does that matter...even there is only one income you need to still audit!!
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
30 December 2013 WHEN THERE IS ONLY 2 INCOME THEN PERFORM TAX AUDIT PROGRAME ON THEM.

Hope this ans to new question also.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
30 December 2013 whether there is single or many income all will be clubbed and will be tax if it crosses the threshold limit of 1 crore...

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