Tax audit for partnership firm
This query is : Resolved
08 October 2013
Is it complusory for a firm to go for tax audit if its turnover is less than 1cr and profit less than 8% of turnover even if its willing to show its profit at 8%.?
08 October 2013
If it willing to show profit 8% u/s 44AD event their book profit is low for tax purpose then no need to make tax audit u/s 44AB.
Note: However for partnership forms 8% minimum profit shall be consider before payment of partner's remuneration.
OM SAI SRI SAI JAI JAI SAI
Note: However for partnership forms 8% minimum profit shall be consider before payment of partner's remuneration.
OM SAI SRI SAI JAI JAI SAI
08 October 2013
Means from the minimum profit as per section 44AD remuneration to the partners if any is allowable.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
08 October 2013
If you wise to declare profit at 8 % or more you need not get tax audit if turnover is less than 1 cr
Remember you can take benefit of parter salary from declare profit if it is allowed by partnership deed
Remember you can take benefit of parter salary from declare profit if it is allowed by partnership deed
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