44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 September 2011 we r a partnership firm our turnover for the year 2010-11 is rs 3626000.

our net profit before remuneration to partner is 292000.

so we r liable for tax audit or not.

thanks in advance

15 September 2011 Since the same is more than 8%, therefor no need of tax audit.

As in 44ad, remuneration to partners is exluded from the 8% limit.

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 September 2011 thank you very much


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