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Tax Audit of Partner

This query is : Resolved 
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(Querist)
06 July 2010 One Person receives Interest on Capital and Remuneration from 4 Partnership Firms in which he is a Partner. If the Receipts is more than 10 Lakhs whether he is covered under Tax Audit u/s 44AB.
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Bharath Kumar

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Bharath Kumar (Expert)
06 July 2010 10lacs of receipts is for income from profession
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
06 July 2010 Remuneration received will be normal business income and hence limit of Rs. 40 lakhs to be seen not Rs. 10 lakhs.
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