Profit u/s 44ad to be 8% of turnover

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 August 2013 The Assessee is a partnership firm.
As per sec.44AD profit to be declared should be 8% of turnover.

Whether such profit is before or after remuneration and interest to partners?

02 August 2013 Before remuneration and interest on capital of partners.

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 August 2013 Thanks for your Valuable Reply Sir.

Sir, if the turnover from trading is 42Lakhs and Gross receipts from job work is 8 Lakhs then for 8% whether 42Lakhs or 50Lakhs to be considered.

02 August 2013 50 lacs

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2013 Thank you sir.


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