Section 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 March 2015
Dear expert,
in partnership firm the turnover is 5000000 and after deducting all expenses and depreciation the net profit is 6%
my Query is can i file return U/S 44AD.
plzz guide me on this issue
in partnership firm the turnover is 5000000 and after deducting all expenses and depreciation the net profit is 6%
my Query is can i file return U/S 44AD.
plzz guide me on this issue
21 March 2015
Since your turnover is less than Rs. 1 crore you can file return u/s 44AD but minimum net profit to be shown is 8% otherwise audit will be required u/s 44AB. Moreover all expenses including depreciation will be deemed to have been provided u/s 44AD in 8% limit. Only interest on capital and remuneration to partners will be allowed as expenses to be deducted out of 8% net profit.
that is to say 8% minimum net profit will be after all expenses and depreciation.
that is to say 8% minimum net profit will be after all expenses and depreciation.
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