UMESH DHARA (Self Employment) (29 Points)
07 March 2013It is Partnership Firm.
Turnover of Rs.12,50,000/-
Loss of Rs.1000/- after deduction of Interest on Capital of Rs.30,000/- & salary not given to any partner.
Whether there should be required minimum 8% profit (applicable 44AD - yes / no) ? & Audit required even though there is loss or and due to less than 8% ?
So pls give me solution as per provision of Income Tax Act.
Nikhil Kaushik
(Fellow CA)
(85761 Points)
Replied 07 March 2013
If you dont want to pay tax on presumptive 8%, you are required to get ur accounts audited to claim a lower profit/loss/
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 07 March 2013
Yes, In Your 44AD Will Come in Picture.
For Better Understanding You can read This Article Shared by Amol Bhai.
/articles/new-section-44ad-text-and-discussion-9713.asp#.UTiItqL-GxA
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