Loss on business income
This query is : Resolved
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)
22 June 2018
Audit is not required if 8% profit is declared before remuneration. Remuneration not allowed if profit is declared u/s 44AD.
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