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TCS CHART PARTNER REMUNERATION AND TAX AUDIT REQUIREMENT
TCS CHART PARTNER REMUNERATION AND TAX AUDIT REQUIREMENT
No. | Nature of Goods | Rate (%) |
1. | Scrap, Alcoholic liquor for human Consumption | 1% |
2. | Tendu leaves | 5% |
3. | Forest Products incl. Timber but excl. Tendu leaves | 2.5% |
4. | Parking lot, Toll Plaza, Mining | 2% |
5. | Jewellery (If amount > ` 5 Lacs) | 1%* |
6. | Bullion (If amount > ` 2 Lacs) | 1%* |
* If total or part of the amount is received in Cash.
Partners Remuneration u/s 40(b) Business & Profession:
TCS CHART PARTNER REMUNERATION TAX AUDIT REQUIREMENT
Book Profit | Amount deductable |
< 0 (Loss) | Maximum Rs.1,50,000 |
0 – Rs. 3,00,000 | Rs. 1,50,000 or 90% of book profit, whichever is more |
> Rs. 3,00,000 | 90% of 3,00,000 & 60% of balance book profit |
Tax Audit Requirements:
TCS CHART PARTNER REMUNERATION TAX AUDIT REQUIREMENT
Particulars | Business | Profession | ||
Audit Not Required | Audit Required | Audit Not Required | Audit Required | |
44AB | Turnover Is less than Rs. 1 Crore | Turnover Is Rs. 1 Crore or more | Gross Receipt less than Rs. 25 Lakhs | Gross Receipt Rs. 25 Lakhs or more |
44AD | Net Profit is 8% of Turnover or more | Net Profit is less than 8% of Turnover | N.A. | |
44AE | Not more than 10 Vehicles* | More than 10 vehicles | N.A. | |
* Income Chargeable to Tax: Rs. 7,500 per month or part of a month for each goods carriage or
the amount claimed to be actually earned by assessee, whichever is higher
TCS CHART PARTNER REMUNERATION TAX AUDIT REQUIREMENT
NOTE:
1. Failure to maintain Books u/s 44AA will attract penalty of Rs. 25,000
2. Failure to get accounts audited or furnish Tax Audit Report as required u/s 44AB will attract penalty of 0.5% of total Sales/Turnover/Gross Receipt or Rs. 1,50,000 whichever is less;
3. TDS to be deducted by an Individual/HUF in respect of payments made if the books are Audited last year u/s 44AB.
TCS CHART PARTNER REMUNERATION TAX AUDIT REQUIREMENT
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