Tax Audit
This query is : Open
Piyush Shirodkar
(Querist)
01 June 2017
*For a partnership firm for AY 2017-2018:*
If a working partner is drawing a remuneration, is tax audit applicable for that partnership firm (even though the turnover is below the limit i.e. Rs. 2 crores)?
CA Rashmi Gandhi
(Expert)
01 June 2017
Only If Profit after Interest & Remuneration is less than 8% of turnover.
CA R SEETHARAMAN
(Expert)
01 June 2017
If you opt for 44AD tax audit not applicable. You can pay the remuneration to the partner, but for tax workings you can't reduce the partners salary from profit.
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Piyush Shirodkar
(Querist)
01 June 2017
Okay Thanks
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