Partnership firm

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Querist : Anonymous

Querist : Anonymous (Querist)

08 January 2018 Partnership firm having Turnover 20L, maintaining books of accounts u.s 44AA, profit before remuneration 2L(10%), not opting for 44AD, paid remuneration 1.5L. Taxable income 0.5L. is this correct?

Renu Goyal

Renu Goyal (Expert)
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08 January 2018 Yes but in this case partnership firm will have to go for tax audit.

Expert : Anonymous

Expert : Anonymous (Expert)

08 January 2018 Which AY this details...? If it's AY 16-17 then you go to the same way... and You can pay tax on the 50k... If it's AY 17-18 then you CAN go to way as per sec 44AA. But, You ll be pay Tax on 2lakhs...

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Expert : Anonymous

Expert : Anonymous (Expert)