A Partnership firm engaged in legal profession having gross receipts of Rs. 2,00,000/- from legal consultancy and is also engaged in labour supply contract having Gross Reciepts from labour supply contract of Rs. 18,00,000/-.
Please clarify whether tax audit is applicable to the firm or not ?
| Originally posted by :Vishnu Maheshwari | ||
| " | As in the Given case main income of the Firm was from Contract itself so it falls under business category & the limit is that of Rs.40Lacs so i think no tax audit required if Firm showing minimum income as required i.e. 8% | " |
| Originally posted by :Jayesh | ||
| " | Originally posted by :Vishnu Maheshwari " As in the Given case main income of the Firm was from Contract itself so it falls under business category & the limit is that of Rs.40Lacs so i think no tax audit required if Firm showing minimum income as required i.e. 8% " Tax audit will applicable for manpower supply if the gross receipt exceeding Rs.1000000, Because they are providing services, not manufacturing and all, so that service tax will applicable. These services treated as Professional services. so Tax Audit will applicable. |
" |
dear all,
Please note that service tax & professional Services are two different things & having specific legal applicability/ criteria under particular law.
So i m fully agree with Jayesh.
Some told me which documents required for income tax uadit
CAclubindia
