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
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