Firm audit

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MAYUR (Querist)
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17 July 2019 sir,
if assess firm Turnover Rs. 15 lakh (including T V recharge) & Book Profit ( Before or after Salary & interest ) 130000/- audit compulsory ?
TV recharge margin below 1 or 2 % & low margin turnover 10 to 20 lakh
please explain rule 8% applicable or not applicable [Ca Audit minimam fee Rs 10000 to 15000]
if rule applicable after salary 8% or before salary &
after salary & interest 8% or before salary & int 8%

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 July 2019 Rule before salary & int 8%. Declare 1,20,000 profit and pay 30% tax no tax audit required.

MAYUR

MAYUR (Querist)
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18 July 2019 sir,
if you send which rule & section ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 July 2019 The amendment made via the Finance Act, 2016 to disallow deduction of expenditure in the nature of salary, remuneration, interest paid to the partner as per section 40(b) out of presumptive income.