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.
Mansha Ashraf (Student) (21 Points)
02 July 2018I 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.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(175678 Points)
Replied 02 July 2018
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.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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