22 November 2017
Dear Experts., How to I file my ITR in partnership firm FY 2016-17...? Some of my friends says audit is applicabe your partnership firm...
23 November 2017
Tax Audit is applicable only if your profits are lower than 8% of your Turnover. i.e. You must declare minimum profits of 2.8 Lacs (35 Lacs * 8%) . In other words you will have to get your books audited if you declare lower profits
Querist :
Anonymous
Querist :
Anonymous
(Querist)
23 November 2017
but, Sec 40b is applicable or not...? can we get remuneration nd Interest...?
23 November 2017
From FY 2016-17 onwards, Interest on Partners Capital and Remuneration u/s 40(b) is not deductible from presumptive profits . i.e You have to declare minimum of 8% after deducting Interest and Remuneration