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44ab


Dear freinds,

will 44AB applicable if ,
My Income is comprises of remuneration from partnership firm and interest on capital from partnership firm which is more than 2,00,00,000(2 Cr.) as both income is considered as busniess receipt ..
so , will provision of 44AB will attract .....

your valuable suggestion is highly appreciated ......


Thanks and Regards
Shailesh Gupta

in your case provision of 44AB shall not attract

Remuneration from Partnership firm is business income. Interest is Income from other sources and therefore not included in 44AB unless you have a personal business of money lending.

No it will not attract

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) in the case of Amal Ganguli v Deputy Commissioner of IT (DCIT) and Sagar Dutta v DCIT held that
a partner is liable to tax audit under Section 44AB of the IT Act, 1961, if his salary
from the partnership firm exceeds the threshold limit prescribed under Section
44AB. The tribunal observed that partner is carrying out his profession as
partner of the firm though not individually.

Dear B.Chackrapani Warrier, thanking you for valuable suggestion .....

can you provide the supporting w.r.t. to the above fact ....
becoz i have to convince the Client ,,,,,,,,,,

once again thanking you.........







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