sec44AB

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HENA (Querist)
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07 March 2010 For the purpose of sec 44AB of Income Tax Act, what is the status of a CA Firm(Partnership)-a "Professional" (tax audit limit:15 lakh) OR "Business" (tax audit limit: 60lakh)?

CA Mohd. Ubaid

CA Mohd. Ubaid (Expert)
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07 March 2010 For A.Y. 2010-2011 the limit would be Rs 10 lakhs whereas for A.Y. 2011-2012 the limit would be Rs 15 Lakhs.

HENA

HENA (Querist)
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07 March 2010 My Que is about Status not limit?

HENA

HENA (Querist)
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07 March 2010 Answer whether Professional or Business?

M Prabhakar Menon

M Prabhakar Menon (Expert)
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07 March 2010 Mr Ubaid is right its under professional not business

CA.SHAHZAD SAYYED

CA.SHAHZAD SAYYED (Expert)
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07 March 2010 Dear Hena
Partnership Firm of CA is also providing Professional Services collectively, so Question of Business doesn't arise.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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07 March 2010 status of partnership CA Firm -- Professional (tax audit limit:15 lakh)

CA Prashant Gupta

CA Prashant Gupta (Expert)
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07 March 2010 it is professional work so new audit limit 15 lac but for A.Y. 2010-11 it is 10 lac

NEHA SARAF (Mcom, CA , CS)

NEHA SARAF (Mcom, CA , CS) (Expert)
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07 March 2010 Proffesional

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 March 2010 Professionals status

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 March 2010 Pl refer CBDT notification N0. S0-17(E) dated 12/01/1977 and No SO 2675 dated 25/09/1972.
You may also refer CIT vs. Manmohan Das (1966) 59 ITR 699 (SC) to know more about profession/business.
To conclude, the answer is Professon.

HENA

HENA (Querist)
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11 March 2010 Thanx to all for ur valuable input.

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