Share income of partner if firm taxable u/s 44ad
This query is : Resolved
10 September 2011
Hi
If firm is taxable u/s 44AD (No books of accounts are maintained) Then how can I account partners capital account and share of profit from the firm
If firm is taxable u/s 44AD (No books of accounts are maintained) Then how can I account partners capital account and share of profit from the firm
10 September 2011
You are suppose to report the profit at minim um % provided in the section, but is the profit is above you need report as per accounts.
If profit is less and do not wish to report profit at specified % you need to get the books audited.
In all the cases it is basic need that you should have book of accounts.
Hence in all cases you will be able to account for Partners Capital & share of profit as per account extract provided by the firm.
If profit is less and do not wish to report profit at specified % you need to get the books audited.
In all the cases it is basic need that you should have book of accounts.
Hence in all cases you will be able to account for Partners Capital & share of profit as per account extract provided by the firm.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Royalty payments to the Mining Department for procurement of murum - GST input
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
