07 November 2017
Dear Sir well and Individual Professional income is Rs 4,00,000 and not intended to adopt Presumptive Taxation. If shown income less than 50% of Rs 4,00,000/- Say less than Rs 2,00,000/- whether tax audit U/s 44AB mandatory I intend to file ITR -3 having all bills and details for income & expenses. Assuming the same facts, Status of Firm
07 November 2017
In case of an Individual , it is agreed In case of a firm -not adopting Presumptive taxation, showing 50% of receipts income.Whether Partner's remuneration allowed from this 50% income
07 November 2017
If you are not opting for Presumptive Taxation than you can show profit below 50 % & claim partner remuneration (Provided partner remuneration is approved by partnership deed)
08 November 2017
Dear Sir in case of a Firm - Will show 50% of Gross income , then claim Partner's remuneration as per deed and to file ITR -5 pl clarrify
08 November 2017
You can't claim remuneration and interest after showing the profit above 50%...
You ll pay Tax on the Profit portion then you ll be transfer to Partners capital account also it's tax free amount to Partners hand...
CAclubindia
