Whether this income is eligible to get Audit ?
This query is : Resolved
31 July 2010
Total Turnover of a Partnership FIRM : 38,00,000/-
Income from business of Retail Trading (5% of Rs. 38,00,000/-) : 1,90,000
Salary & interest paid to partners as permitted by section 40b : 2,00,000
Income from Retail business : (10,000)
Income from business of Retail Trading (5% of Rs. 38,00,000/-) : 1,90,000
Salary & interest paid to partners as permitted by section 40b : 2,00,000
Income from Retail business : (10,000)
31 July 2010
As per your query,no need to get an audit.
31 July 2010
Agree with CA Kapil gupta. (5% is upto AY2010-2011)
31 July 2010
There is no need for tax audit u/s 44AB.
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