15 November 2017
for filing return under 44AD, you need to show a profit after partners' interest, commission, salary, bonus etc.8% of turnover....try to find out the trade off between paying the tax on 8 % of 4850,000 versus tax audit fee + penalty for ate filing and take the decision
15 November 2017
opting for 44AD....8% of 48,50,000/- = 388,000 tax on the same = 30% of 388,000 = 116,400/- plus you need to pay interest for late filing, non payment of advance tax etc. As against this, if you go by regular profit.... late filing of tax audit report 24250 + fee for tax audit (i am neither aware how much you pay for your tax audit nor i am interested in knowing)+ return filing fee (i am neither aware how much you pay nor interested in knowing) + tax 30% of 4500 (assuming partner's salary is fully allowable) So to say you need to find out the pay off between two
CAclubindia
