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(Querist)
24 March 2015 Firm turnover 50 lacBusiness income 5 lac that is more than 10 percentNow salry paid to partner 3 lacNp 2 lac which is less than 8 percentWhether liable under 44Ab audit?
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GULRAJ AILANI

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GULRAJ AILANI (Expert)
24 March 2015 Not liable for Tax Audit, as per section 44 AD(2)
8 % of profit is before deducting salary and interest from Profit
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Rupesh Jain

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Rupesh Jain (Expert)
25 March 2015 for partnership firm profit consider before intt & remuneration to partners.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
25 March 2015 u need to consider gross turnover for applicability of tax audit and its not less then 8% in this case.

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