44ad
This query is : Resolved
24 March 2015
Firm turnover 50 lacBusiness income 5 lac that is more than 10 percentNow salry paid to partner 3 lacNp 2 lac which is less than 8 percentWhether liable under 44Ab audit?
24 March 2015
Not liable for Tax Audit, as per section 44 AD(2)
8 % of profit is before deducting salary and interest from Profit
8 % of profit is before deducting salary and interest from Profit
25 March 2015
for partnership firm profit consider before intt & remuneration to partners.
25 March 2015
u need to consider gross turnover for applicability of tax audit and its not less then 8% in this case.
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