Net profit ratio in tax audit report (form 3cd)
This query is : Resolved
CA Sanjay Baheti
(Querist)
08 August 2012
In case of Partnership Firm covered under Tax Audit under section 44AB and while reporting in Form 3CD in clause no. 32 (b) related to Accounting Ratio Analysis, whether the Net Profit taken prior to Partner's Salary/ Remuneration and Partner's Interest is correct or not for the purpose of computing NP Ratio to Turnover.
Amol S Joglekar
(Expert)
08 August 2012
The simple rule is that append the working of your ratios calculated in both ways. Let Assessing officer decide which one he /she wants. Let us not forget that by doing tax audit, the tax auditor is helping the income tax department.There is no harm at all in giving the information more than what is asked for.
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