Audit

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Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 my business total turnover is 3000000/-
and net profit is 185000 audit is required ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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07 August 2013 Tax audit limits for AY 13-14:
In case of business - Rs. 1 crore
In case of professionals - Rs. 25 lakhs

Since you are carrying on business and your turnover is less than Rs. 1 crore, you are NOT required to get your accounts audited.

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 but profit ratio is not 8% audit required ?

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 August 2013 Although you are showing profit LESS than 8%, BUT your TOTAL INCOME DOES NOT EXCEED the MAXIMUM AMOUNT NOT CHARGEABLE TO TAX (Rs. 2 lakh in case of individual).

Accordingly you are NOT required to get your accounts audited.

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 thank for advice me

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 August 2013 You are welcome. You should use the thanks button to convey your thanks.

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 my clients is partnership business
net profit is 2500000 (25 lack) how income tax calculation ?

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 3 partners in business

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 August 2013 Partnership firm is taxable at a flat rate of 30%.

Tax = 25 lakhs*30% = 7,50,000
Add: Cess 3% = 22,500

Total Tax = 7,72,500

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 how partner salary divide ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 August 2013 Partners salary will be as per the partnership deed.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 but not divided salary how partner salary divide ?

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Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 33.33 % per partner in deed

but i don't know how devide salary

150000 free i know

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 August 2013 What is the total amount of salary paid to partners??

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 2500000 (25 lack)

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Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 2500000 / 3 = 833333

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 August 2013 The profit of the firm is Rs. 25 lakhs and the total remuneration paid to the partners is Rs. 25 lakhs???

What is the amount mentioned in the partnership deed?

The partnership deed has to mention an amount to be paid to the partners as salary.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 2500000 is before paid salary amounts what is amount salary for eash partner ?