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Turnover U/S 44AB

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 March 2010 An individual has received franchise fee of Rs. 11 Lacs. What is the turnover limit U/S 44AB? Will it be 10 or 40 lacs?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
10 March 2010 If the amount received by him is towards professional fees then it will become 10 Lakhs limit, if the same franchisee fee is received towards business then 40 Lakhs will apply and therefore tax audit is not applicable.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
10 March 2010 It should be 40L. Franchisee is generally a sort of arrangement like an agency where the vocation is not in the nature of a profession involving skill so as to make it a distinct profession. Hence, the limit for the Tax Audit purpose should be 40L.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
10 March 2010 AGREE. IT SHOULD BE 40 LACS.
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
10 March 2010 40 LACS
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