partner ship firm and 44ad
This query is : Resolved
Vijay Mohan
(Querist)
13 October 2017
my client turnover is 80 lacks. if he avails 44ad , the profit @8% will come 6.40 lakh. and pay tax on it. int on cap 4lakhs and remuneration is 2.50 lakhs. which is not allowed from ay 2017-18. is there any option except go for audit, showing below 8% profit
Ashiwini Ballodia
(Expert)
13 October 2017
From AY 17-18 i.e now assessee can take profit @ 6% u/s 44AD if it is received through Bank i.e otherwise than by cash and bearer cheque
Vijay Mohan
(Querist)
14 October 2017
but I am asking how to reduce profit. even 6% it will come 3.6 lakhs on which firm pay 30 % tax. huge amount
Ashiwini Ballodia
(Expert)
14 October 2017
The last option left is don't Avail section 44AD
14 October 2017
@Vijay Mohan.,
If you opt to sec 44ad then you can't avail the remuneration, interest after shown 8%....
14 October 2017
No option other than to choose 44AB(e).
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