Query relating to Tax audit

Hi Goutam,

Please refer sec 44AB, which specifies total sale, turnover or gross receipt in business for the previous year.

Here the intention is receipt of business not the payment made by business.

Interest paid to partner over their capital, how you can link these two things. One is income of business and other is expenditure.

I request you to read the provisions clearly and with open mind.

Yes Mr. Gautam patel, Interest recd by Partners from firm, is considered as Turnover u/s 44AB. Refer Section 28(v) for clarity of Business Income

Gautam has right question. You cannot get his question. You refer provision of section 28(v) clearly and with open mind

no ,  partners int. cannot be included in sales turnover for 44AB purpose..