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TCS CHART PARTNER REMUNERATION TAX AUDIT REQUIREMENT

TCS CHART PARTNER REMUNERATION AND TAX AUDIT REQUIREMENT

TCS CHART PARTNER REMUNERATION AND TAX AUDIT REQUIREMENT

TCS CHART PARTNER REMUNERATION AND TAX AUDIT REQUIREMENT

TCS Rate Chart:
 TCS CHART PARTNER REMUNERATION 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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