Partnership firm in fy 2016-17 less than rs. 1 crore

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Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2017 Dear Sir.,
I'm not understand the provisions of Partnership firm in AY 2017-18...

Please see the following Details for one of our Partnership firm (2 Partners) Details...
Total Incomes (Sales & Services) - Rs. 36,39,500

Total Expenses : Direct Expenses - Rs. 2053500
Indirect Expenses - Rs. 1126000
Depreciation - Rs. 159750 = Total Expenditure Account - Rs. 33,39,250. Total Profit = 300250..

Remuneration not provided in Above said Expenses. Also keep Books of Accounts in my Firm.
Now.,

1. What can I do u/s 44AA for remuneration to partners?
2. How to We file this account without Audit (44AB)...?
3. Is it under Audit or not...?
4. Which amount we pay Tax on Income...?

Thanks in Advance. Please give your Valuable replies...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 December 2017 Please follow either of the following.

1. Profit being >8% can file return without 44AB audit. But remuneration and interest can't be claimed.

2. If remuneration and interest are paid/provided, then profit < 8%, so audit the
accounts U/s 44AB(e).

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Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2017 Thank You for the reply Sir...

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