A partenrship firm is earning a yearly commission of 30 lacks as consignment agent ....it has also has a seperate house income (rental ) of approximatly 12 lacs per annum( which is not a business income).... is the firm liable for tax audit ?
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tax audit for a partnership firm
Replies (2)
NO. FOR ELIGIBILITY TO TAX AUDITS, U'R BUSINESS TUROVER/ GROSS RECEIPTS WOULD BE CONSIDERED ONLY AND NOT OF U'R OTHER INCOMES. SINCE U'R OTHER INCOME IS BELOW 40 LAKHS, U R NOT LIABLE FOR TAX AUDIT.
REGARDS,
mANOJ
NO, even if the rent was 50 lac, 44AB would have not been applicable.
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