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Question ID : 31737

SECTION 44AA

A PARTNERS HAVING TOTAL INCOME FROM PARTNERSHIP IN FORM OF INTEREST AND REMUNERATION AND PROFIT IS IN EXCESS OF RS. 120000/- , FIRM IN WHICH HE IS PARTNER IS LIABLE FOR TAX AUDIT , WHETHER IT IS MANDATORY FOR THE PARTNER ALSO TO COMPULSORILY MAINTAIN BOOKS OF ACCOUNTS UNDER SECTION 44AA AS HIS INCOME FROM THE PARTNERSHIP FIRM IS MORE THEN RS. 120000/- AS PER CATEGORY D OF SECTION 44AA.

Posted by DEEPTI DHAKAD on Jul 10, 2018

Filed Under DIRECT TAXES

Answer ID : 69854

YEs

Posted by VINAY BHARGAV KUMAR G on Jul 11, 2018
Answer ID : 69856

In the case of Usha Narayanan, the Hon ITAT Kolkata said partner's remuneration is 'gross receipts' for tax audit purpose. If the same analogy is followed , 44AA (2)(1) is applicable in the given case.

Posted by B.CHACKRAPANI WARRIER on Jul 11, 2018