Tax audit applicability
vadiraj (ryjyy) (71 Points)
22 December 2014vadiraj (ryjyy) (71 Points)
22 December 2014
PSPSPS
(Practicing)
(1344 Points)
Replied 22 December 2014
No In this case Tax Audit is not applicable. ( Provided he Declares an Income of 8% or more on his Sales of 80Lkhs )
His proprietory Concern Sales is 80Lks which is below the Limit of 44AB. Share from Partnership is not a Revenue/Receipts from Sales or other Income head for 44AB, but its an Income recd for Taxation purpose only. Since you said its share of Profit so it will be an Exempted Income in hands of Individual ( Partner ) as it has been taxed in the Hands of the Firm