27 July 2018
Sir, if partnership firm turnover below 2 crore & after remuneration & interested paid to partner net profit below 8% can audit compulsory or profit 8%on turnover compulsory before remuneration distribute or after remuneration if firm turnover is 1 crore can profit showing 8% means 8 lakh please guide advice
31 July 2018
After remuneration and interest , taxable profit @8% or more is complusory u/s 44AD. Otherwise, the firm have to gget its accounts audited.
01 August 2018
As per sec 44AD with new Amendment no way for claim Remuneration and Interest...
If assessee will claim and shown the profit 8 percentage after claim the Remuneration and Interest. The return will accept the state...
Even in case the partners will be file his ITR and Show the Remuneration and Interest from the Firm then the firms account will be fall under scrutiny. And back to add the Remuneration and Interest to PandL account in the firm...
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