hi, I am preparing return for a partnership firm whose annual turnover is less than 60 lacs and partners interest and remuneration cumulatively more than 8% of turnover, net profit of firm is 0, in this case can i prepare it under section 44ad?
Menu
Return selection for partnership firm
Replies (1)
No Problem even if the Net Profit is Nil after Salary and Interest. Only remember that the Net Profit should be 8% or more before Salary and Interest.
Regards,
Devendra Kulkarni
Recent Topics :
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
- FAST DS 2026 MAIL QUERY
- Does Anyone need CA Foundation books of May2026 at
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
- Difference in TIS
- GSTR-9C Upload Status Error Occured
Related Topics :
CAclubindia
