Firm audit

This query is : Resolved

MAYUR (Querist)
Follow

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)
Follow

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

MAYUR

MAYUR (Querist)
Follow

18 July 2019 sir,
if you send which rule & section ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Manoj Sharma

Dalbir Singh Wadhera

Hanuma Yanduri

Sagar Khakhiwala

Phani

Subscribe Now

Firm audit

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA