44ad - how to check tax audit applicability
This query is : Resolved
16 May 2016
HOW TO CHECK TAX AUDIT APPLICABILITY IF TURNOVER OF FIRM IS LESS THAN 1 CRORE FOR FIN.16-17?
According to me, for
asst. year 16-17 ---> 8% of turnover was to be compared with profit before deducting interest and remuneration to partners
asst.17-18 --> 8% of turnover has to be compared with profit after deducting int and remuenration , am i correct?
also for above firm, for asst. 17-18, no deduction of int and remuneration to partners is allowed , if tax audit is not required, correct?
its really confusing, can anyone guide,
regards, ca kunjan, 9222922292, mumbai
According to me, for
asst. year 16-17 ---> 8% of turnover was to be compared with profit before deducting interest and remuneration to partners
asst.17-18 --> 8% of turnover has to be compared with profit after deducting int and remuenration , am i correct?
also for above firm, for asst. 17-18, no deduction of int and remuneration to partners is allowed , if tax audit is not required, correct?
its really confusing, can anyone guide,
regards, ca kunjan, 9222922292, mumbai
Rupesh Jain
(Expert)
16 May 2016
yes you are correct in 2017-18 interest on remuneration, intt not deducting for the year . and for audit also this deduction allowed.
CA R SEETHARAMAN
(Expert)
16 May 2016
For AY 16-17, 8% of turnover was to be declared before deducting interest and remuneration to partners.
For AY 17-18 8% of turnover has to be declared after deducting interest and remuneration to partners.
You are right, for AY 17-18 no deduction of int and remuneration to partners is allowed from 8% profit.
For AY 17-18 8% of turnover has to be declared after deducting interest and remuneration to partners.
You are right, for AY 17-18 no deduction of int and remuneration to partners is allowed from 8% profit.
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