Tax Audit Details
This query is : Resolved
Anil Pandey
(Querist)
03 August 2010
In Partnership Firm at the time of Retirement of Partner, if 1 partner get goodwill of something Rs. 85,00,000/- then he is liable for Tax Audit
CA. Pradeep Nayak
(Expert)
03 August 2010
Tax audit is applicable where sale/turnover exceed Rs. 40 lakh (Rs. 60 lakh from FY 2010-11).
Transaction relating to goodwill are not included in turnover & hence tax audit is not applicable.
Transaction relating to goodwill are not included in turnover & hence tax audit is not applicable.
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