REGARDING TAX AUDIT
This query is : Resolved
14 September 2008
SIR/MADAM
MY QUERY IS AS FOLLOWS:
A PROFESSIONAL PARTNER'S CAPITAL ACCOUNT CREDITED WITH RS. 30 LACS AS HIS REMUNATION, RS 2 LACS AS INTEREST ON CAPITAL AND SHARE OF PROFIT OF RS. 3LACS.
THE DISALLOW PORTION OF THIS PARTNER'S REMUNATION IN FIRM'S ACCOUNT WAS RS. 14 LACS.
MY QUERY IS THIS PARTNERS ACCOUNT IS COMES UNDER THE TAX AUDIT OR NOT ?
MY QUERY IS AS FOLLOWS:
A PROFESSIONAL PARTNER'S CAPITAL ACCOUNT CREDITED WITH RS. 30 LACS AS HIS REMUNATION, RS 2 LACS AS INTEREST ON CAPITAL AND SHARE OF PROFIT OF RS. 3LACS.
THE DISALLOW PORTION OF THIS PARTNER'S REMUNATION IN FIRM'S ACCOUNT WAS RS. 14 LACS.
MY QUERY IS THIS PARTNERS ACCOUNT IS COMES UNDER THE TAX AUDIT OR NOT ?
15 September 2008
No, it is not a receipt from profession to be covered under section 44AB for the purpose of Tax Audit.
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- LIABILITY ADJUSTMENT
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- NRI INSURANCE ADVISOR
- ITR-3 File/Error Found
- Due Date Clarity
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
