We have one llp whose turnover is 95 Lakhs, if we consider it business then tax audit is not applicable but if its profession then tax audit is required,
My question is whether same can be considered as business receipt and avail benefit of increase threshhold of 10CR
Yes, it can be business for LLP, provided none of the partner is professional...
One of the partner is software engineer
Does he charge professional fees to LLP?
He takes salary and share in profit
According to ITR Form 4/5 IT services are covered in Profession
As he takes salary & shares in the profit as per LLP deed, the business activity of LLP will fall under Profession, though its disputable issue.
CAclubindia
