sec 44ad
This query is : Resolved
15 July 2011
Respected Experts
We are partnership Firm engaged in retail business, As Per books our turnover is Rs. 50 lakhs and Gross profit comes to Rs.2 lakhs, Which is 4%.
Can i file my return for AY 2011-12, under presumtive income declaring income @ 8% of turnover, claim interest to partner and remuneration as deduction and pay tax on rest of the profit ?
Do we have to get our books audited ?
With Regards
Divyesh
We are partnership Firm engaged in retail business, As Per books our turnover is Rs. 50 lakhs and Gross profit comes to Rs.2 lakhs, Which is 4%.
Can i file my return for AY 2011-12, under presumtive income declaring income @ 8% of turnover, claim interest to partner and remuneration as deduction and pay tax on rest of the profit ?
Do we have to get our books audited ?
With Regards
Divyesh
15 July 2011
Yes you can declare income @8% and then deduct interest and salary paid to partners. On balance profit you can pay income tax.
15 July 2011
I agree with the expert
15 July 2011
while paying tax according to Sec.44AE, the assesseee is not required to get his books of account audited u/s.44AB
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