Partner ship firm remuneration and interest considered as gr

This query is : Resolved

rajesh (Querist)
Follow

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

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHUBHANGI GOEL

Shailesh Prajapati

Adesh Mahajan

Angadi & Co

Jaipal Singh

Subscribe Now

Partner ship firm remuneration and interest considered as gr

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANCY

Accountant

Manager- Finance and Compliance

Article Assistant

GST CONSULTANT