Tax Audit of Partner
This query is : Resolved
06 July 2010
One Person receives Interest on Capital and Remuneration from 4 Partnership Firms in which he is a Partner. If the Receipts is more than 10 Lakhs whether he is covered under Tax Audit u/s 44AB.
06 July 2010
10lacs of receipts is for income from profession
06 July 2010
Remuneration received will be normal business income and hence limit of Rs. 40 lakhs to be seen not Rs. 10 lakhs.
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