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
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15 September 2017
8% profit is calculated after partner remuneration & interest on capital
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15 September 2017
Please tell me if your firm is doing "eligible business" as per section 44AD?
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