Tax audit related query

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Querist : Anonymous

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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?

22 June 2016 yes you have to take audit u/s 44AB .

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Querist : Anonymous

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

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.

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Querist : Anonymous

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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

22 June 2016 Tax audit is applicable. Inference - USHA.A.NARAYANAN Vs. DCIT (ITA-703 KOL 2012).


22 June 2016 you have to take the audit report . no option.

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 June 2016 Thank You Experts for sharing


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