rumy nagwaswala (ca) (45 Points)
31 August 2018WE ARE PARTNERSHIP FIRM OF FOUR PERSONS. WE HAVE CLAIMED PARTNERS SALARY IN THE PROFIT AND LOSS AND OUR iNCOME IS MORE THAN 8 % (i.e. MORE THAN THE PRESCRIBED LIMIT UNDER SEC 44AD).
NOW SINCE I HAVE TO FILE THE RETURN UNDER SEC 44AD, WHETHER I HAVE TO ADD BACK THE PARTNERS SALARY?
PLEASE ADVISE
Ankita Chachan
(practitioner)
(548 Points)
Replied 31 August 2018
Flat 8 % of your sales will be your net profit.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 31 August 2018
CAclubindia
