Tax audit u/s 44AB for Partnership Firm
This query is : Resolved
Quick Summary
31 January 2022
Turnover = ₹ 4,07.000
Net Profit as per P/L before appropriation = ₹ 49313.5
Share of Profit of Partners after allowing Interest on Capital & Remuneration = NIL
Assessee = Partnership Firm engaged in Business
Whether Firm is liable for Tax audit? Which Profit has to be treated as Profits & gains from business- Net profit or Share of Profit after Interest & Remuneration?
Net Profit as per P/L before appropriation = ₹ 49313.5
Share of Profit of Partners after allowing Interest on Capital & Remuneration = NIL
Assessee = Partnership Firm engaged in Business
Whether Firm is liable for Tax audit? Which Profit has to be treated as Profits & gains from business- Net profit or Share of Profit after Interest & Remuneration?
Dhirajlal Rambhia
(Expert)
31 January 2022
Tax audit would not be applicable even if you declare minimum 6/8% profit after deducting interest & remuneration. Balance will not be taxable....
CA R SEETHARAMAN
(Expert)
31 January 2022
Not liable for tax audit as profit more than 8% before interest and remuneration.
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