Regarding tax audit applicability u/s 44ab
Querist : Anonymous
Turnover= 50,00,000
Profit before partners salary= 6,00,000 (12%)
Partners salary= 2,50,000
Profit after partners salary= 3,50,000 (7%)
Tax audit would be applicable to me if i opt to claim profit lower than 8% as in 44AD.
which profit among above shall be taken? In my view,as partners salary is taxable to them individually, Profit before partners salary shall be taken. Please clarify.
Querist : Anonymous
refer this link for more clarification.
https://taxguru.in/income-tax/critical-analysis-section-44ad.html
Querist : Anonymous
Querist : Anonymous
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