income tax

SUKANTA PAUL (Querist) 05 September 2009 This query is : Resolved
SIR, if an individual having business income (partner salary, commission, interest) over Rs.10lakhs, is he required to audit u/s 44AA(2)(i)? The ITR Forms has now 2 options i.e. 44AA & 44AB. PLEASE GIVE DETAILS

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Vineet (Expert) 13 December 2009
Section 44AA pertains to maintenance of accounts whereas section 44AB pertains to audit of accounts.

In my opinion, though the salary, interest, commission etc received by partner from firm are taxable under the head Business and Profession by virtue of provisions of section 28, The partner per say cannot be treated as carrying on Business and profession. Therefore in my opinion he is not required to maintain accounts.

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