T.T.VIJAYAPRAKASH (properter) (253 Points)
13 February 2018M/S TRIISTAR PARTNERSHIP FIRM. HIS TOTAL RECT.RS,12.50LAKS FOR THE ASST-YER 2017-18. NET PROFIT IS RS.10,000/- INCLUDING PARTNER SALARY RS,1,92,000/-.UNABSORBED DEPRECATION LOSS RS.225454/- FROM THE ASST- YEAR 2016-17..
IMY QUERY
1) AUDIT U/S 44AD OR 44ADA
2) CURRENT YEAR TOTAL DEP.LOSS C/F?
3) 8% PROFIT RS.1,00,000 ON GROSS RECT LESS DEP.LOSS ADJ .RS.225454? DECLARED TOTAL LOSS. RS,105454?
Kamal Verma
(Financial advisor)
(582 Points)
Replied 13 February 2018
Tax audit is not required since net profit before charging partners salary is Rs. 2,02,000 which is more than 8% of gross profit.
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