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
- CAPITAL GAIN BASE ON NOTIFICATION
- NRI starting business in India
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- Capital gain on sale and purchase of plot
- GST not cancelled by tenant
- FORM 141 SDV query
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
