I AM FILING ITR OF A PARTNERSHIP FIRM (NOT 44AD ASSESSEE AND NOT AUDIT ASSESSEE). DO I HAVE TO KEEP NET PROFIT OF 8% OR DOES 8% INCLUDE INTEREST ON PARTNERS CAPITAL AND REMUNERATION TO PARTNERS AND NET PROFIT ALSO. PLEASE CLARIFY.
Menu
Partnership firm
Replies (1)
To avoid the tax audit of firm the net profits declared should be atleast 6/8% of turnover, whether deduction of interest & remuneration claimed or not.
Recent Threads
- How to Increase Website Traffic Effectively
- Property value in 26QB
- Form 26QB Multiple Buyer/Multiple seller
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
Related Threads
CAclubindia
