Hi All,
Whether tax audit U/S 44AB is applicable to the Partners of partnership firm of lawyers/ doctors if Partners have received remuneration of 50 lac from partnership firm ??
Menu
Applicability of tax audit U/S 44AB
Replies (1)
Dear Sir,
according to me, as the remuneration received by the partner from partnership firm comes under "Profits and gains of business or profession" of the partner... and for the business, the limit has been prescribed at Rs. 1 crore u/s 44AB.... thus, he is not required to get his accounts audited.. however, as if the same partnership (professional) firm is getting more than Rs. 25 lakhs as turnover, thus, the audit is required for such firm only.. not for his partners...
Recent Threads
- Registration as deductor on traces site
- Rental Income from a Joint Holding property
- Itr 4 return filing question
- Whether GST applicable on Hardship Compensation pa
- ITC cannot be denied to Bona Fide Buyers for Suppl
- Unused ITC for Hotel after GST Change
- CA FINAL SPOM
- 44ad presumption of tax
- Friendly loan to blood relative?
- Tds penalty for in operative pans
Related Threads
CAclubindia
