Turnover limit
This query is : Resolved
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
27 July 2018
1 Audit compulsory in view of declaration of less profit.
2 8% profit compulsory before remuneration to partner.
3 yes 8 lacs profit.
2 8% profit compulsory before remuneration to partner.
3 yes 8 lacs profit.
27 July 2018
No ,means after or before remuneration 8%. After remuneration 8% compulsory??
28 July 2018
sir replay after or before remmuniration profit 8% please clear concept
28 July 2018
Yes after remuneration 8% compulsory.
28 July 2018
If form opt u/s 44ad then no way for claim Remuneration and Interest. Profit will shown 8 percent or above 8 percent...
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.
31 July 2018
As per new amendment no way for book remuneration and Interest...
01 August 2018
Remuneration and interest allowed but 8% profit to be declared after remuneration and interest.
01 August 2018
sir, means suppose Profit 9 lakh before remuneration after remuneration 3lakh (means Audited) 95 lakh turnover
& suppose turnover is 95 lakh means [ 760000] 8% profit compulsory & tax liability 30% +Surcharge
around 2.5 lakh tax ?????
& suppose turnover is 95 lakh means [ 760000] 8% profit compulsory & tax liability 30% +Surcharge
around 2.5 lakh tax ?????
01 August 2018
YES , Mayur otherwise get your 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...
https://www.caclubindia.com/Forum/details.asp?mod_id=432606
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...
https://www.caclubindia.com/Forum/details.asp?mod_id=432606
02 August 2018
Remuneration and interest can be claimed by opting tax audit in case of lower profit than 6/8% .
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