Partnership firm profit percentage
This query is : Resolved
15 September 2017
SIR,
WE HAVE INCOME ARRIVED FOR RS. 21,39,400/- IN OUR FIRM FOR THE A.Y.2017-18.
I HAVE TOTAL EXPENSES OF OUR FIRM RS.19,12,000/-
I HAVE PARTNER SALARY RS.72000/-
I HAVE INTEREST ON CAPITAL RS.146000/-
AND NET PROFIT IS RS.9400/-
I HAVE PAID TAX RS.2900/-
NOW THE QUESTION IS THE ABOVE CASE IS COMES UNDER 44AD OR NOT ?
THE SECOND QUESTION IS HOW TO CALCULATE 8% FOR FIRM FOR THE A.Y.2017-18?
WE HAVE INCOME ARRIVED FOR RS. 21,39,400/- IN OUR FIRM FOR THE A.Y.2017-18.
I HAVE TOTAL EXPENSES OF OUR FIRM RS.19,12,000/-
I HAVE PARTNER SALARY RS.72000/-
I HAVE INTEREST ON CAPITAL RS.146000/-
AND NET PROFIT IS RS.9400/-
I HAVE PAID TAX RS.2900/-
NOW THE QUESTION IS THE ABOVE CASE IS COMES UNDER 44AD OR NOT ?
THE SECOND QUESTION IS HOW TO CALCULATE 8% FOR FIRM FOR THE A.Y.2017-18?
15 September 2017
It doesnot comes under 44AD to be elegible u/s 44AD you have to show profit 8% of 2139400 = 171152
Message likes :
1 times
15 September 2017
8% profit is calculated after partner remuneration & interest on capital
Message likes :
1 times
15 September 2017
Please tell me if your firm is doing "eligible business" as per section 44AD?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Taxability of credit in canara bank ET & T section (NRO)
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Rent claimed on building given on permissive possession basis
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
