If the working Partner in Professional Firm (For Eg. A Doctor in a Hospital) receives salary and interest on capital and such amount in total exceeds Rs. 10,00,000/- in a year, whether such working partner is subject to Tax Audit U/s 44AB?
28 September 2010
working partner not required to get tax audit since he has received salary which taxable under head salary so provision of tax audit is not applicable
I partially agree with navin view that the working partner is not subject to tax audit. however the interest, remuneration , etc received by working partner will be taxable as business income as it covered by clause 28(v)
29 September 2010
Interest ans Remunaration received from Partnership firm is business income and not professional income and hence no Tax Audit required, since turnover limit of 40lakhs not exceeded.
CAclubindia
