Section 44ada
This query is : Open
R.KANDASUBRAMANIAN
(Querist)
07 November 2017
Dear Sir
well and Individual Professional income is Rs 4,00,000 and not intended to adopt Presumptive Taxation. If shown income less than 50% of Rs 4,00,000/- Say less than Rs 2,00,000/- whether tax audit U/s 44AB mandatory
I intend to file ITR -3 having all bills and details for income & expenses.
Assuming the same facts, Status of Firm
well and Individual Professional income is Rs 4,00,000 and not intended to adopt Presumptive Taxation. If shown income less than 50% of Rs 4,00,000/- Say less than Rs 2,00,000/- whether tax audit U/s 44AB mandatory
I intend to file ITR -3 having all bills and details for income & expenses.
Assuming the same facts, Status of Firm
Ashiwini Ballodia
(Expert)
07 November 2017
Audit not required because your income does not exceeds basic exemption limit i.e 2.5L
R.KANDASUBRAMANIAN
(Querist)
07 November 2017
In case of an Individual , it is agreed
In case of a firm -not adopting Presumptive taxation, showing 50% of receipts income.Whether Partner's remuneration allowed from this 50% income
In case of a firm -not adopting Presumptive taxation, showing 50% of receipts income.Whether Partner's remuneration allowed from this 50% income
Ashiwini Ballodia
(Expert)
07 November 2017
If you are not opting for Presumptive Taxation than you can show profit below 50 % & claim partner remuneration (Provided partner remuneration is approved by partnership deed)
R.KANDASUBRAMANIAN
(Querist)
07 November 2017
Thanks Sir
in this case, whether tax audit necessary U/s 44AB by filing ITR -5
in this case, whether tax audit necessary U/s 44AB by filing ITR -5
Ashiwini Ballodia
(Expert)
07 November 2017
Tax audit not required as your income is less than 250000 (Applicable for Individual)
07 November 2017
My Dear Mr Ashiwini Ballodia.,
Please explain if it's a Partnership Firm then what is the treatment of ITR AY 17-18 ...?
Ashiwini Ballodia
(Expert)
08 November 2017
As per me in case of partnership firm if income is declared below 50% than liable for audit because there is no basic exemption limit
08 November 2017
Yes.... I agreed to You.
But, I think Above your 2nd reply is not meaningful. So, Only I ask it...
GOOD LUCK...
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R.KANDASUBRAMANIAN
(Querist)
08 November 2017
Dear Sir
in case of a Firm - Will show 50% of Gross income , then claim Partner's remuneration as per deed and to file ITR -5 pl clarrify
in case of a Firm - Will show 50% of Gross income , then claim Partner's remuneration as per deed and to file ITR -5 pl clarrify
Ashiwini Ballodia
(Expert)
08 November 2017
No you cannot claim remuneration after 50% of profit declared after u/s 44ADA in case of Firm
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08 November 2017
You can't claim remuneration and interest after showing the profit above 50%...
You ll pay Tax on the Profit portion then you ll be transfer to Partners capital account also it's tax free amount to Partners hand...
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