Turnover U/S 44AB
This query is : Resolved
Querist : Anonymous
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?
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.
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.
10 March 2010
AGREE. IT SHOULD BE 40 LACS.
10 March 2010
40 LACS
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