Partner ship firm remuneration and interest considered as gr
This query is : Resolved
28 September 2012
Dear Sir
An Assessee Doing a business and his gross receipts is Rs. 45,00,000 and he want to show higher profit @ 8.5% on Gross Receipts is Rs. 3,82,500
but he is also an partner in two Firms he is received total special business receipts by way of Remuneration and interest on capital is Rs. 20,00,000 at this time he is liable his account audited u/s 44AB even he is offered higher profits @8.5% on Gross receipts of Rs. 45,00,000
please tell
Thanking you
An Assessee Doing a business and his gross receipts is Rs. 45,00,000 and he want to show higher profit @ 8.5% on Gross Receipts is Rs. 3,82,500
but he is also an partner in two Firms he is received total special business receipts by way of Remuneration and interest on capital is Rs. 20,00,000 at this time he is liable his account audited u/s 44AB even he is offered higher profits @8.5% on Gross receipts of Rs. 45,00,000
please tell
Thanking you
CA Ayush Agarwal
(Expert)
28 September 2012
No, In This Case Tax Audit is not applicable.
Since Interest & remuneration Received from Firm is Already Being Audited u/s 44AB.
So That Income DoesNt Comes Under Purview of Tax Audit.
Since Interest & remuneration Received from Firm is Already Being Audited u/s 44AB.
So That Income DoesNt Comes Under Purview of Tax Audit.
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