partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2011 dear sir,
turnover= 15 lacs, retail kirana business
status = partnership firm
profit= nil, loss= nil.

how much tax should i have to pay?
is i need to audit accounts under new provisions of 44Ad?
what tax i have to pay if not audit my accounts?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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12 July 2011 Yes it will attract 44AD. If you do not want to get your accounts audited than minimum 8% of turnover has to be declared as profit and taxes have to be paid on that profit by the partnership firm.

Interest and salary paid to partners can be deducted from the above amount of 8% to arrive at final figure of profit on which tax is payable.

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