Partnership Firm's profit Percentage for Non Audit Cases?
This query is : Resolved
MANJUNATHA M.R
(Querist)
29 March 2021
Dear experts Please advise me in this regard. The total turnover of Partnership firm is around 60 Lakhs. My query is 1) As per the general rules Tax Audit is not applicable in case I am showing net profit 8% and above 2) The profit of 8% is on Total Turnover 3) The 8% of Profit is Includes partner's Remuneration or Not?
Thanks in advance.
Thanks in advance.
CA Rashmi Gandhi
(Expert)
29 March 2021
1. No need to get audited your books of account if income is 8% of turnover(6% in case of receipts from bank).
2. this 8%/6% is after deducting interest on capital and remuneration to partners
2. this 8%/6% is after deducting interest on capital and remuneration to partners
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