44ad and d partnership firm
This query is : Resolved
10 May 2016
Stating F. Y. 2016-17 a partnership firm can not claim remuneration and interest paid to partners if filing return u/s 44AD. So if a partnership firm has total sale of 20 lacs and after claiming remuneration and interest paid to partner net profit is 20000/- then do i need compulsory audit as according to new conditions my net profit is less than 8%
10 May 2016
Tax audit is required if the profit declared, after adding remuneration and interest paid is less than 8% of total sale value.
10 May 2016
XYZ is a partnership fir
Total sale 2000000/-
net profit - 160000/-
remuneration to partners - 60000/-
interest to patners 80000/-
net profit after remuneration and interst 20000/-
Do I need tax audit ?
Please reply
Total sale 2000000/-
net profit - 160000/-
remuneration to partners - 60000/-
interest to patners 80000/-
net profit after remuneration and interst 20000/-
Do I need tax audit ?
Please reply
10 May 2016
As you are declaring 8% net profit no need for tax audit.
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