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Tax audit applicability
A individual has income from 2 business.
1. sales from proprietor business Rs 80,00,000
2. share of profit from partnership firm Rs 70,00,000 (this firm is already subject to tax audit)
whether the individual assesse is subject to tax audit ?
Replies (2)
No In this case Tax Audit is not applicable. ( Provided he Declares an Income of 8% or more on his Sales of 80Lkhs )
His proprietory Concern Sales is 80Lks which is below the Limit of 44AB. Share from Partnership is not a Revenue/Receipts from Sales or other Income head for 44AB, but its an Income recd for Taxation purpose only. Since you said its share of Profit so it will be an Exempted Income in hands of Individual ( Partner ) as it has been taxed in the Hands of the Firm
Thanks for the reply
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