Partnership firm audit
This query is : Resolved
19 August 2013
sir,
can you please clarify me why the remuneration only to be added to the net profit to see whether the firm has covered under the audit or not (why not the interest is added to the profit).please reply as early as possible
can you please clarify me why the remuneration only to be added to the net profit to see whether the firm has covered under the audit or not (why not the interest is added to the profit).please reply as early as possible
19 August 2013
only turnover is considered for determining whether the firm is covered under audit or not
19 August 2013
To decide is liable for tax audit u/s44AB or not is depending on the gross turnover or gross receipts of the firm only but it didn't depending on the either profit of the firm or remuneration of the partners.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
20 August 2013
As per sec 44AB only gross turnover or gross receipts needs to be checked for applicability of tax audit.
21 August 2013
agree with mr Tushar
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Tds on building rent monthly
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
