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Taxability of retainership income

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 December 2011 One of my prospective client is receiving retainership income fixed per month from outside India. The revenue exceeds Rs.60lacs p.a.
I wanted to know whether retainership can be treated as Professional fees so as to include the case u/s.44AB Professional income limit being Rs.15lacs pa So that my client should carry out the tax audit as well.
Pls revert asap.
Regards,
Dhananjay nirhali
9323226282
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CA Navin Jain

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CA Navin Jain (Expert)
09 December 2011 retainership income fro what
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 December 2011 HE CONSULTS VARIOUS PARTIES ABOUT WHICH PRODUCT TO BE PURCHASED AT WHAT PRICE. PRODUCT LINE IS FROZEN FOOD. THE PRODUCT IS OF A CO. OUTSIDE INDIA WHICH PAYS HIM RETAINERSHIP FIXED PER MONTH.
PLS REVERT
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 December 2011 HE CONSULTS VARIOUS PARTIES ABOUT WHICH PRODUCT TO BE PURCHASED AT WHAT PRICE. PRODUCT LINE IS FROZEN FOOD. THE PRODUCT IS OF A CO. OUTSIDE INDIA WHICH PAYS HIM RETAINERSHIP FIXED PER MONTH.
PLS REVERT
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
10 December 2011 THIS IS NOT A SPECIFIED PROFESSION UNDER SECTION 44AA. THE LIMIT OF 60L WILL APPLY
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