Profession or business? under 44ab?
This query is : Resolved
Vijayalakshmi
(Querist)
17 September 2014
Scenario
X Y and Z are doctors who formed partnership
to run a hospital..
Under section 44 AB, the said partnership should get its accounts audited under 44AB as a profession or business
I mean to ask which monetary limit under 44 AB is applicable?
And if that is audited as profession. what if hospital is owned by other than Doctors ?
Hoping for replies in analysis with sections and case laws applicable for the same.
Nikhil Kaushik
(Expert)
18 September 2014
in both cases it should be considered as a business. please refer halini Hospitals vs Asstt. 2007 108 ITD 534 Hyd, (2007) 110 TTJ Hyd 690
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