My one client is partnership firm. It is first return of partnership firm. Firm total turnover is 1170000/-.But firm has made loss during the year. Should I file loss return in case of partnership firm?
whether firm accounts is required to audited u/s 44ad?
Should I file loss return in case of firm without audit of accounts u/s 44ad?
In this case if I saw a profit of Rs. 5000/- approx then still audit is not required u/s 44ad. My status is Partnership firm. Because in the case of partnership firm maximum amount which is not chargeable to tax is Rs. 0. There is no basic exemption limit available to partnership firm. Rs. 5000/- profit below 8%. Please reply fast.
Partner remuneration would be counted for calculating income u/s 44ad?
Sir,
Partnership Turnover is Rs. 1170000/- Profit before Partners Remuneration Rs. 95000/- which more than 8% now I declare partner remuneration Rs. 90000/-. so after partner remuneration partnership firm profit is Rs. 5000/-. still in this case account is required to audited. Please reply it's urgent.