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)
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