31 January 2022
Turnover = ₹ 4,07.000 Net Profit as per P/L before appropriation = ₹ 49313.5 Share of Profit of Partners after allowing Interest on Capital & Remuneration = NIL Assessee = Partnership Firm engaged in Business Whether Firm is liable for Tax audit? Which Profit has to be treated as Profits & gains from business- Net profit or Share of Profit after Interest & Remuneration?
31 January 2022
Tax audit would not be applicable even if you declare minimum 6/8% profit after deducting interest & remuneration. Balance will not be taxable....
CAclubindia
