I would like to know that if Partnership firm has turnover of Rs.700000/- and they are not maintained books of accounts. Now they want to file ITR for the A.Y 2018-19 under section 44AD. So which ITR form is applicable. and my second question is 8% rate of Presimtive income us 44AD is applicable before remunration paid to Partners or after please clarify. My financial position are as follows. My net T/o Rs.730530/- for the A.Y 2018-19 Profit excluding remunration to partners is Rs. 156469/- , Income ratio is 21.42% Remunration to partners is Rs. 150000/- Profit after remunration is Rs.6469/- Income Ratio is 0.89%
Please advise me , that my working is correct or not, if correct then which ITR for is applicable to file ITR for A.Y 2018-19
23 June 2018
you have to declare Minimum profit 8% on gross turnover excluding Partners Remuneration i.e on 730530 you have to declare income 8% Rs.58442/- after adjusting partners remuneration.
CAclubindia
