sir,
in case of partnershp firm there is a loss of 4000 after allowing partners salary of 160000. total receipts are 450000 approx.
please clarify the tax if any according to sec 44 AD
CA Rashmi Gandhi
(Chartered Accountant)
(86220 Points)
Replied 22 May 2017
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 22 May 2017
Above calculation is right but if you have a litle bit turnover of this firm then why you are going to choose 44AD.
Better to honestly declare this loss.
CA Rashmi Gandhi
(Chartered Accountant)
(86220 Points)
Replied 22 May 2017
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 22 May 2017
I think here the person is not liable for Audit. Because his book profit is 1,60,000-4,000=1,56,000/-.
So his profit is 1,56,000/4,50,000*100= 34.66%. (More than 8%).
So the person is not liable for audit of his book of Accounts.
sonia
(ca)
(53 Points)
Replied 22 May 2017
sir
if book profit is 156000 than allowable salry would be 150000 and taxable income would be 6000.?please clarify
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
