TAX AUDIT U/S 44AB PARTNERSHIP FIRM

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This discussion addresses whether a tax audit under Section 44AB is required for a partnership firm with a turnover below £1 crore and profits less than 8% (including partner remuneration and interest). It also clarifies that GST at 18% is applicable to subscription and entrance fees received by an entertainment club.

T.T.VIJAYAPRAKASH

T.T.VIJAYAPRAKASH (Querist)

14 February 2020 SIR'
WHEN A PARTNERSHIP FIRM BOOK OF ACCOUNTS AND TURNOVER OF THE FIRM IS BLEOW ONE CRORE AND PROFIT IS BELOW 8%(INCLUDING PARTNER SALARY AND INTEREST)
SALES RS.70.00 LAKS
SALARY & INTEREST RS.3.80 LAKS
NETP PROFIT RS. 10,000/-
IF APPLICABLE U.D 44AB OR 44AD
THANKS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 February 2020 Tax audit under section 44AB applicable in view of declaring less than 8% profit.

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T.T.VIJAYAPRAKASH

T.T.VIJAYAPRAKASH (Querist)

17 February 2020 THANK SIR
MY OTHER QUERIES IS.
ONE ENTERTAINMENT CLUB RECEIVED RS.12000/- YEARLY SUBSCRIPTION AND ENTRANCE FEES RS.25000/- FROM MR.B. BOTH AMOUNT IS APPLICABLE IS GST RATE OF 18%
THANK

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 February 2020 Yes GST applicable at 18%.

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