Hello Shivangi,
U r absolutely correct, tax audit may be applicable,
for ur doubt pls. read the reply given by Mr. Sunil & my response to that.
Thanks
Tax Audit
Page no : 2
Rajeev
(www.rkmco.com)
(985 Points)
Replied 27 September 2009
Sunil ,
Just for information purpose, i believe share of profit may not be included under definition of gross receipts for 44AB , i think only revenue taxable receipts should be included in gross receipts definition for 44AB .
Although receipts are nowhere defined .
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