27 June 2014
What is the tax audit limit for partnership carrying on software development. . . i am of the opinion that partnership cannot carry on profession and 100 lakhs may be the relevant option . . Kindly share your opinion with proper supporting and explanation
27 June 2014
dont know the basis of your opinion. partnership firms very much carry on professional activities. rather most of the professionals are structured as partnership firms only.
however, in this case, you might still get covered under business only as software development itself is considered as service code only in income tax classification.