A partnership firm is doing business of placement and providing security persons to different factories and their turnover for the financial year 2009-2010 is Rs.17 lacs, whether Tax Audit u/s 44 AB is applicable or not?
07 September 2010
My understanding is tax audit provisions will not apply to the said partnership firm since their income comes under "business" and not under "profession".
07 September 2010
tax audit is not required to be done in your case.Lt.-40 lac in your case covered under business and not under specified profession as per sex.44AB.
09 September 2010
The firm is not doing profession but doing business only. Therefore if its gross income Rs.40.00 lacs or exceeds Rs.40.00 lacs, the audit u/sec 44AB is required. In your case only Rs.17.00 lacs -Sec 44AB not applicable
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