Tax audit u/s 44ab
This query is : Resolved
CA. Niranjan Kumar
(Querist)
09 August 2011
Dear sir,
I want to know that, in a case of partnership firm, for the purpose of Form 3CD,net profit ratio shall be calculated on the basis of profit after partner's salary or profit before partner's salary.
whereas in accounting, partner's salary is shown in the P&L appropriation account.
I want to know that, in a case of partnership firm, for the purpose of Form 3CD,net profit ratio shall be calculated on the basis of profit after partner's salary or profit before partner's salary.
whereas in accounting, partner's salary is shown in the P&L appropriation account.
CA. Anoop Gadia
(Expert)
10 August 2011
Ratio calculation done after partners salary
10 August 2011
Clause 32 (b) of form 3CD should be calculated on the end result meaning thereby profit after remuneration has to be considered.
10 August 2011
I agree with the experts
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