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.
Message likes :
1 times
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
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- GST Rate for Catering Services
- Cash balance limit and property purchases limit
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
