44ad
This query is : Resolved
21 September 2017
HI FRIENDS,
i have partership firm whose turnover is less than 1cr in A.Y 2016-17 and same business have given the remunation to the partner which is allowed as deduction under the Section 44 AD so i had selected the option of 44AD and filed income tax return,claim Loss but i have received the notice from the IT Department which says that you have claim Loss and you have not get the audit under 44AB.i have given the online respones but no action taken by them and same notice send us furthur
Please Resolve the Query
i have partership firm whose turnover is less than 1cr in A.Y 2016-17 and same business have given the remunation to the partner which is allowed as deduction under the Section 44 AD so i had selected the option of 44AD and filed income tax return,claim Loss but i have received the notice from the IT Department which says that you have claim Loss and you have not get the audit under 44AB.i have given the online respones but no action taken by them and same notice send us furthur
Please Resolve the Query
21 September 2017
In AY 16-17 if profit is claimed than deemed profit i.e 8% u/s 44AD & if the income exceeds maximum amount not chargeable to tax than the entity will be liable for audit u/s 44AB.
In your case as you said that you have partnership firm & the partnership firm does not have any basis exemption limit. So, you will be liable for audit if profit is claimed lower than 8%
In your case as you said that you have partnership firm & the partnership firm does not have any basis exemption limit. So, you will be liable for audit if profit is claimed lower than 8%
21 September 2017
Dear Sir,
First I have declared 8% profit then deducted Salary & remuneration as per 40(b). After that deduction it is showing loss.
First I have declared 8% profit then deducted Salary & remuneration as per 40(b). After that deduction it is showing loss.
21 September 2017
8% profit as per 44AD is after partner remuneration & Interest on partner capital, You had made mistake.
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21 September 2017
Yes. I agreed with Mr Ashiwini Ballodia...
@ Nidhi Kanabar.,
How to you calculate and deduct the remuneration and interest after 8%.
After calculated it's not fall under loss. ..
23 September 2017
Even if in Loss.. partners remuneration up to 150000 is allowed and after claim remuneration it can be Loss as i have already declared 8% without remuneration
23 September 2017
Sir,
i have told about A.Y 2016-17 Not A.Y 2017-18
i have told about A.Y 2016-17 Not A.Y 2017-18
23 September 2017
Nidhi Ji why you are mixing 44AD with income tax provision
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25 September 2017
Sir,
under the 44 AD Profit Should be 8% of turnover before the deduction of interest and remuneration to the partner till A.Y 2016-17 .from the A.Y 2018-20119 there is no such deduction will be allowed and profit directly 8% of turnover
under the 44 AD Profit Should be 8% of turnover before the deduction of interest and remuneration to the partner till A.Y 2016-17 .from the A.Y 2018-20119 there is no such deduction will be allowed and profit directly 8% of turnover
25 September 2017
AY 2016-17 : Gross receipt X 8% = XXXX (-) remuneration & Interest = NTI (No need Audit)
AY 2017-18 : Gross receipt (-) Remuneration & Interest = XXXX (x) 8% = NTI (No need Audit)
AY 2017-18 : Gross receipt X 8% = XXXX (-) remuneration & Interest = NTI (Audit Required). The firm is also profitable amount and need Tax Audit...
The same is loss.. Why not come Audit...?
AY 2017-18 : Gross receipt (-) Remuneration & Interest = XXXX (x) 8% = NTI (No need Audit)
AY 2017-18 : Gross receipt X 8% = XXXX (-) remuneration & Interest = NTI (Audit Required). The firm is also profitable amount and need Tax Audit...
The same is loss.. Why not come Audit...?
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