44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 August 2011
Dear Sir/madam,
Partnership firm declaring profit u/s 44AD @ 8%.
Query is; should it be after allowing remuneration and interest to the partners or before remuneration and interest on capital. I mean shall we allow remuneration and interest in 8% and pay taxes on the remaining.
Please clarify
In this case, is it necessary to get audited by C.A.
Partnership firm declaring profit u/s 44AD @ 8%.
Query is; should it be after allowing remuneration and interest to the partners or before remuneration and interest on capital. I mean shall we allow remuneration and interest in 8% and pay taxes on the remaining.
Please clarify
In this case, is it necessary to get audited by C.A.
CA PARAS BAFNA
(Expert)
25 August 2011
Turnover ...................4000000
Profit @ 8% ............... 320000
Less :Interest to partner ....20000
Balance.......Book Profit.......300000
Less: Remuneration 270000
Net Profit.............30000
......
No need to get audited in case turnover is less than 60.00 lacs.
Profit @ 8% ............... 320000
Less :Interest to partner ....20000
Balance.......Book Profit.......300000
Less: Remuneration 270000
Net Profit.............30000
......
No need to get audited in case turnover is less than 60.00 lacs.
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