Partnership firm

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VICKY TEJRAM NARAD (Querist)

23 June 2018 Dear Expert,

I would like to know that if Partnership firm has turnover of Rs.700000/- and they are not maintained books of accounts. Now they want to file ITR for the A.Y 2018-19 under section 44AD. So which ITR form is applicable. and my second question is 8% rate of Presimtive income us 44AD is applicable before remunration paid to Partners or after please clarify.
My financial position are as follows.
My net T/o Rs.730530/- for the A.Y 2018-19
Profit excluding remunration to partners is Rs. 156469/- , Income ratio is 21.42%
Remunration to partners is Rs. 150000/-
Profit after remunration is Rs.6469/- Income Ratio is 0.89%

Please advise me , that my working is correct or not, if correct then which ITR for is applicable to file ITR for A.Y 2018-19

Thanks & Regards
Vicky Narad
M No.9271388736

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

23 June 2018 you have to declare Minimum profit 8% on gross turnover excluding Partners Remuneration i.e on 730530 you have to declare income 8% Rs.58442/- after adjusting partners remuneration.

VICKY TEJRAM NARAD

VICKY TEJRAM NARAD (Querist)

23 June 2018 Which ITR form is applicable for income us 44AD

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

23 June 2018 You can file ITR -4

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