Taxability of Partnership firm

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Mehul Jain

Mehul Jain (Querist)
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18 August 2017 If a partnerahip firm have turnover less than 1 cr then is it complusory to pay tax u/s 44 AD ?

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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18 August 2017 No, if profit is shown above 6% or 8%

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Mehul Jain

Mehul Jain (Querist)
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18 August 2017 but that profit will be before rumuneration and interest to partners right ??

RAJA P M

RAJA P M (Expert)
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18 August 2017 If AY 17-18 yes....

Mehul Jain

Mehul Jain (Querist)
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19 August 2017 Thanks Ashwini and Raja. so if my Turnover is 80 lacs Book profit before deducting remuneration and interest is 8 lacs (which is above 8% of turnover) taxliability will be (8 lacs-remuneration to partner-interest to partner)*30% And will tax audit be applicable in the above case ?

RAJA P M

RAJA P M (Expert)
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19 August 2017 No. If you ll be pay tax on 8% profitable. Then you can file it u/s 44AD presumptive taxation...

If you ll be show profit 8l*30%=240000 & 240000*3%=7200 also calculate interests. Then you dont want audit...

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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19 August 2017 8% profit is calculated after remuneration & interest to partner

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