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....
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- ITR 4 and Bank transactions
- FCRA 6 E- Intimation
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
