Please help me, I have lot of confusion. Sir what I am telling my business Firm (partners ship firm)
The total turnover 10,00,000 the declaration U/s. 44AD. Presumptive basis 8% Rs. 80,000/- Book Value Next 1,50,000/- paid remuneration (correct or wrong) please explain,
And second (after book profit >1,50,000-80,000=-70000) it is loss my opinion
Loss on business audit will applicable, book profit 80000 or 70000 loss, clarify audit applicable yes or no (clarify)
* Remuneration calculate method * consider profits of firm Audit profit or loss time
16 March 2018
the profit has to be computed assuming that the presumptive expenses include partner's salary. So you just need to show 80000 as presumptive profit and pay tax on it.
CAclubindia
