44aa in ay 2017-18 a partnership firm without tax audit
This query is : Resolved
22 February 2018
Dear Sir / Madam.,
A Small Partnership Firm (2 person) doing "Manufacturing & Servicing".
They earnedin FY 2016-17 - Rs. 37,57,800...
Expenses - Rs. 29,38,550
Depreciation - Rs. 33550... Total Book profit Rs. 785,700 (Without Remuneration 7 Interest)...
As per section 40b allowable remuneration Rs. 5,61,500... If they they will avail then fall under 44AB. but, They don't want 44AB..
Also they will be file U/s 44AA and will Pay Tax @ 8% and Above...
If they file @ 8% then the Net Profit Rs. 300650... If they will show the Value the the balance Rs. 261,000 will be book as Remuneration to Partners account...
Please solve my query...
A Small Partnership Firm (2 person) doing "Manufacturing & Servicing".
They earnedin FY 2016-17 - Rs. 37,57,800...
Expenses - Rs. 29,38,550
Depreciation - Rs. 33550... Total Book profit Rs. 785,700 (Without Remuneration 7 Interest)...
As per section 40b allowable remuneration Rs. 5,61,500... If they they will avail then fall under 44AB. but, They don't want 44AB..
Also they will be file U/s 44AA and will Pay Tax @ 8% and Above...
If they file @ 8% then the Net Profit Rs. 300650... If they will show the Value the the balance Rs. 261,000 will be book as Remuneration to Partners account...
Please solve my query...
23 February 2018
Yes... You can as per Your view..
Message likes :
1 times
23 February 2018
in 44AD interest and remuneration to partners not allowed
24 February 2018
Yes... But, I want about U/s 44AA....
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