Audit in Case of Professional
This query is : Resolved
28 December 2008
I have a client and he is an Architech (Individual) I want to know turnover limit for Tax audit applicable. Will the limit change if Partnership Firm is formed?
28 December 2008
Turnover limit for 44AB audit for individual Architect is Rs.10 lakhs.
The same for a partnership firm ,if all the partners are Architects,is Rs.10 lakhs otherwise Rs.40 lakhs.
The same for a partnership firm ,if all the partners are Architects,is Rs.10 lakhs otherwise Rs.40 lakhs.
Rakesh R Kabra
(Expert)
28 December 2008
10 lakhs whether individual or partnership firm
CA J M Pattanayak
(Expert)
31 December 2008
If the Objective of the Partnership firm is Only Architect Work then once the Turnover exceeds 10 Lakhs Tax Audit is compulsory.
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