Anantamoorti B P (Student CA Final ) (63 Points)
14 September 2013Hi 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 ??
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 14 September 2013
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...
CAclubindia
