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Tax audit limit

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Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2014 What is the tax audit limit for partnership carrying on software development.
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i am of the opinion that partnership cannot carry on profession and 100 lakhs may be the relevant option
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Kindly share your opinion with proper supporting and explanation

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 June 2014 dont know the basis of your opinion. partnership firms very much carry on professional activities. rather most of the professionals are structured as partnership firms only.

however, in this case, you might still get covered under business only as software development itself is considered as service code only in income tax classification.

Rupesh Jain

Rupesh Jain (Expert)
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27 June 2014 partner ship firm can do any business.
its software or profession or consultancy services.

you have to take audit if your service is exceed over rs. 25 lacs in a year get audit u/s 44AB

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