Loss on business income
This query is : Resolved
SANTHOSHA KM
(Querist)
22 June 2018
Sir,
Loss on Business income Audit is required? ( Case of Partnership Firm)
For Example : U/s. 44AB Partnership Firm'
Business Receipt 25,00,000.00
8% of Profit before Remunaration & Interest on Capital 2,00,000.00
Remunaration Caluculation
1st 300000 90% 300000 2,70,000.00
Balance 60% (1,00,000.00) (60,000.00)
2,10,000.00
(200000-210000) Net Profit (10,000.00)
Loss on Business income Audit is required? ( Case of Partnership Firm)
For Example : U/s. 44AB Partnership Firm'
Business Receipt 25,00,000.00
8% of Profit before Remunaration & Interest on Capital 2,00,000.00
Remunaration Caluculation
1st 300000 90% 300000 2,70,000.00
Balance 60% (1,00,000.00) (60,000.00)
2,10,000.00
(200000-210000) Net Profit (10,000.00)
CA R SEETHARAMAN
(Expert)
22 June 2018
Audit is not required if 8% profit is declared before remuneration. Remuneration not allowed if profit is declared u/s 44AD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Oct 2025 Invoices
- MSME disclosure and disallowance
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
