Audit of partner
This query is : Resolved
31 January 2014
A Partner is getting share if profit, interest income, rental income from partnership firm in aggregate more than 25 lacs and audit of partnership firm is done u/s 44AB, whether partner is liable for audit? Why?
31 January 2014
nopes...none of these incomes take form of professional receipts...they are business receipts. So 25 lakhs limit wont apply. 1 cr limit would apply.
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