Reg.patnership

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Sanjeet (Querist)
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07 March 2018
Sir,

In a partnership we have turnover Rs.2925000/-get a profit 649750/- after Salary of both partner its 169750/-So can we need to do tax audit. and tax calculation amount of 649750 or 169750/-how much income tax we need to pay

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CA Abhishek Goyal

CA Abhishek Goyal (Expert)
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07 March 2018 There are mainly 2 section. 44AD and 44ADA. If you are providing services of professional, you need to consider section 44ADA otherwise it will be 44AD. Assuming 44AD in your case, your profit is above 8%, hence audit is not required.