Sectio
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2015
Dear professionals,
A partnership firm is engaged in trading business as well as providing service also, in AY 2015-16, it's sales portion is below the 1 crore and service portion is exceed 25 lacs, plz let me know as per my above stated query weather section 44AB will attract or not as the firms service portion is exceed 25 lacs,
Regard
Sonal mehta
A partnership firm is engaged in trading business as well as providing service also, in AY 2015-16, it's sales portion is below the 1 crore and service portion is exceed 25 lacs, plz let me know as per my above stated query weather section 44AB will attract or not as the firms service portion is exceed 25 lacs,
Regard
Sonal mehta
29 October 2015
If the SUM of sales portion and service portion exceeds 1 crore, 44B applies.
Reason is a partnership firm ( except that of professionals) can't do profession, hence service receipts also will be considered as business receipts.
Reason is a partnership firm ( except that of professionals) can't do profession, hence service receipts also will be considered as business receipts.
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