According to sec. 44 AD or 44 AF.........will i have to show profit 8%, If i dont wanna to go for audit??
If i carry firm will i be able to get deduction of Partners Remuneration & Interst on partner capital ..
Plz guide me.
3 Replies
sanjay singhal
(CA)
(987 Points)
Replied 03 July 2012
yes partners remuneration & interest on capital allowable
Ritika Pundir
(CA)
(154 Points)
Replied 03 July 2012
Yes, audit is required if profits are claimed lower than 8/5%
Remuneration & interest on capital is allowed subject to limits
sadashiv Rupchand Gaikwad
(Proprietor)
(521 Points)
Replied 05 July 2012
First of all 44AF section convert into 44AD, Now to show profit 8% is must, In case of Partnership firm Book Profit must be 8%, In the Profit and Loss Appropriation A/c there is Debit Item of Remuneration to parners and Interest on Capital. You can deduct Remuneration and Interest from Book Profit.
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
