Query about tax audit for partnership firm
This query is : Resolved
05 January 2015
SIR,
WHICH AMOUNT OF PROFIT SHOULD BE CONSIDERED FOR THE LIABILITY OF TAX AUDIT UNDER SECTION 44AD, IN CASE OF PARTNERSHIP FIRM i.e. "NET PROFIT AFTER INTEREST ON CAPITAL & REMUNERATION TO PARTNERS" OR "NET PROFIT BEFORE INTEREST ON CAPITAL & REMUNERATION TO PARTNERS."
WHICH AMOUNT OF PROFIT SHOULD BE CONSIDERED FOR THE LIABILITY OF TAX AUDIT UNDER SECTION 44AD, IN CASE OF PARTNERSHIP FIRM i.e. "NET PROFIT AFTER INTEREST ON CAPITAL & REMUNERATION TO PARTNERS" OR "NET PROFIT BEFORE INTEREST ON CAPITAL & REMUNERATION TO PARTNERS."
05 January 2015
As per section 44AD(2) in case of a firm interest on capital paid to partners and remuneration is allowable for calculating profits u/s 44AD therefore in my opinion for liability of tax audit net profit should be after interest on capital & remuneration.
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