Tax audit related query

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2016 One of the assessee having a proprietorship business with a turnover of 50,00,000 & he is having a Income of Remuneration & Interest on Capital from one of his partnership business of 60,00,000 whether he is liable for Tax Audit?

Rupesh Jain

Rupesh Jain (Expert)
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22 June 2016 yes you have to take audit u/s 44AB .

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2016 Thank You for the reply sir....can you provide the interpretation in 44AB of the same?

Rupesh Jain

Rupesh Jain (Expert)
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22 June 2016 you query, is ok due to some of person not known, that if you are taking the receipts of the firm remuneration is exceeds 1 crores , then audit u/s 44AB is compulsory.

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2016 Sir My Exact Case is like this:
Receipts from Consultancy Charges Rs 950000
Interest on capital from two partnership firms = Rs 7000000
Remuneration from Firm = Rs 6800000
Sir Kindly reply keeping in view the above factors and also provide me if any notification is issued in this regards or interpretation in Section or any case facts.
THANK YOU