Income Tax
This query is : Resolved
VINEETH MOHAN
(Querist)
13 November 2019
Our business concern is a partnership firm during the F.Y 2018-19 our sales turnover is 34 Lakhs. Is it compulsory for seeing a minimum 8% net profit otherwise Audit under Sec.44AB. Is it allowable for claiming interest on capital or remuneration without audit under Sec 44AB.
CA R SEETHARAMAN
(Expert)
13 November 2019
Yes audit applicable if 8% profit not reported. If 8% profit is reported after claiming partners interst and remuneration audit not applicable.
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