09 October 2016
the firm had a turnover of 65 lakshmi and earned profit of Rs.58000. after deducting remuneration and not on capital. if these two added the profit is above 8% of turnover. whether the firm liable for tax audit.
10 October 2016
Dear Vijay Mohan,
where I said this f.y. I meant from f.y.16-17 you shall not consider partners remuneration. for years before f.y.16-17, you have to consider partners remuneration as part of book profit for the purpose of calculation of 8% profit u/s 44AD.
CAclubindia
