44ab tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2011 Dear Sir,
a)A chartered accountant firm with 2 partners having a gross receipts of Rs.16 lakhs, is this firm liable to tax audit?

my opinion is partnership firm is considered as business and not profession so i filed the return assuming the applicability arises if the Gross receipts exceed Rs.60 lakhs

b) if yes i have filed the return electronically with out selecting tax audit, and with out digital signature so now what is the consequence and what is remedy please suggest?

CA Aditya Goel

CA Aditya Goel (Expert)
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03 August 2011 CA partnership firm is a professional Assessee.
Tax audit applicable.
revise the return and due date for tax audit is 30th september and individual returns of partners shall be filed after retrun of the firm.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 August 2011 The case is unique one and unbelievable and prey that whatever has been asked in this query is nothing more than an imaginary question.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 August 2011 Partnership firm has no separate existence in the eyes of law for the purpose of taxation. The partners constitute the firm and they being in the 'profession of accountancy' section 44AA of the Income tax Act,1961 attracts meaning thereby Section 44AB of the said act attracts in the cited issue.

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