Applicability of tax audit on partners remuneration
This query is : Resolved
08 February 2017
Dear Members,
Please help me on following query:-
Whether Audit u/s 44AB is applicable on Partners Remuneration received in excess of 1 Crore.
Please substantiate through Case law.
It's Urgent.
Thanks In Advance.
Please help me on following query:-
Whether Audit u/s 44AB is applicable on Partners Remuneration received in excess of 1 Crore.
Please substantiate through Case law.
It's Urgent.
Thanks In Advance.
08 February 2017
Tax audit not applicable on partners remuneration.
Message likes :
1 times
08 February 2017
But in the case of Usha A Narayanan, Kolkata, the ITAT has put penalty on the assessee under section 271B for non filing of Tax Audit report under section 44AB.
One of the assessee is receiving Partners remuneration in excess of 1 crore from his firm, which deals in Service Sector. but department issued defective notice u/s 139(9) for non complaince of Section 44AB on business Income. He does not have any other Income except Remuneration but doing business in personal capacity which has zero profits during the year.
One of the assessee is receiving Partners remuneration in excess of 1 crore from his firm, which deals in Service Sector. but department issued defective notice u/s 139(9) for non complaince of Section 44AB on business Income. He does not have any other Income except Remuneration but doing business in personal capacity which has zero profits during the year.
08 February 2017
Thanks for your Quick Response Sir. Can you please substantiate through case law?
08 February 2017
See the link.
http://orange.taxsutra.com/articles/c318334105cec5c46c919df503b3ea/expert_article
http://orange.taxsutra.com/articles/c318334105cec5c46c919df503b3ea/expert_article
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