Audit u/s 44 AB
This query is : Resolved
11 March 2009
A partnership firm carrying business of coaching classes consisting of 4 partners.
Their qualification is as under
1 Partner- Dr
2 Partner-Dr
3 Partner-MSc
4 Partner-Msc
Whether this firm will be professional firm n liable for audit if gross receipts exceeds rs 10,00,000/- The firm also employ staff to provide coaching to students. What is slab of remuneration allowable for them 100000 or 75000
The another partnership with all above characheristic but there are only 2 partners
1 Partner-MS, BE
2 Partner-B sc
now what will happen for the purpose of audit n remuneration?
Their qualification is as under
1 Partner- Dr
2 Partner-Dr
3 Partner-MSc
4 Partner-Msc
Whether this firm will be professional firm n liable for audit if gross receipts exceeds rs 10,00,000/- The firm also employ staff to provide coaching to students. What is slab of remuneration allowable for them 100000 or 75000
The another partnership with all above characheristic but there are only 2 partners
1 Partner-MS, BE
2 Partner-B sc
now what will happen for the purpose of audit n remuneration?
HUZAIFA HUSSAIN
(Expert)
11 March 2009
HI
IN THE FIRST CASE SINCE THE NATURE OF BUSINESS IS COACHING CLASSES WILL NOT FALL IN PROFESSIONAL AS SPECIFIED U/S 44AA. HENCE IT IS CONSIDERED AS BUSINESS AND 1ST REMN. SLAB OF RS.75000/- SHALL APPLY.
IN THE SECOND CASE ALSO SAME AS ABOVE WILL APPLY.
REMEMBER HERE FOR ASSMT. OF THE FIRM THE NATURE OF THE BUSINESS OF THE FIRM IS TO BE CONSIDERED AND NOT THE PROFESSION OF THE INDIVIDUAL PARNTERS
IN THE FIRST CASE SINCE THE NATURE OF BUSINESS IS COACHING CLASSES WILL NOT FALL IN PROFESSIONAL AS SPECIFIED U/S 44AA. HENCE IT IS CONSIDERED AS BUSINESS AND 1ST REMN. SLAB OF RS.75000/- SHALL APPLY.
IN THE SECOND CASE ALSO SAME AS ABOVE WILL APPLY.
REMEMBER HERE FOR ASSMT. OF THE FIRM THE NATURE OF THE BUSINESS OF THE FIRM IS TO BE CONSIDERED AND NOT THE PROFESSION OF THE INDIVIDUAL PARNTERS
CA Nitin Wadhwani
(Expert)
12 March 2009
In my opinion, it will be considered as a profession.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
