44 ad income declare for partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2012
There are two partnership firm having two partners(same persons and equal sharing ratio)
Turnover 22 lac in each firm maintained accounts and having profit of more than 8% of Turnover
Can both firms declare the profit under 44AD and submit only the required details
or some restriction is there
Please clarify
Turnover 22 lac in each firm maintained accounts and having profit of more than 8% of Turnover
Can both firms declare the profit under 44AD and submit only the required details
or some restriction is there
Please clarify
02 February 2012
Both can declare profit under 44AD provided they are in business (not in profession) and other conditions are satisfied. (refer 44AD)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Banking Related Issue
- Traces submitting correction statement error
- ITR-Capital Gain
- ITR-3 File/Error Found
- Rent claimed on building given on permissive possession basis
- IT returns for fresh job holders
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
