Re: [aurangabad_ca] Turnover u/s. 44AB : Doctor having income from Partnership
I fully support Vaswani Sir's view.
CA Abhijit Totade
Sent on my BlackBerry® from Vodafone
From: CA Ghanshyam Vaswani <ca.ghanshyamvaswani@gmail.com>
Date: Sat, 6 Mar 2010 19:29:50 +0530
To: <aurangabad_ca@yahoogroups.com>
Subject: Re: [aurangabad_ca] Turnover u/s. 44AB : Doctor having income from Partnership
Dear Friend,
Sec. 44AB states a person carrying on profession is required to get his accounts audited if his "gross receipts" in profession for the previous year exceeds Rs. 10 Lakhs.
And Sec. 28 specifies the sources of income which are to be considered for the purpose of calculating income from business or profession. Further as per clause (v) of Sec. 28 "any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm" will be considered for calculating income from business or profession.
And "Gross Receipts" as per Sec. 44AB means the entire receipts from the sources of income as specified under Sec. 28.
Hence, the Doctor is liable to tax audit.
Regards
CA Ghanshyam Vaswani.
On 3/5/10, dharam patel <dharampaca@yahoo.com > wrote:
The INTERNET now has a personality. YOURS! See your Yahoo! Homepage.
--
CA Ghanshyam Vaswani
G K Vaswani & Associates
1st Floor, Tourist Complex,
Nehru Chowk,
Jalgaon
Mobile : 098233 77078
"Excellence is my Aim.."
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AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
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