Taxability of Partnership firm
This query is : Resolved
18 August 2017
If a partnerahip firm have turnover less than 1 cr then is it complusory to pay tax u/s 44 AD ?
18 August 2017
No, if profit is shown above 6% or 8%
Message likes :
1 times
18 August 2017
but that profit will be before rumuneration and interest to partners right ??
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 ?
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...
If you ll be show profit 8l*30%=240000 & 240000*3%=7200 also calculate interests. Then you dont want audit...
19 August 2017
8% profit is calculated after remuneration & interest to partner
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Credit rating model
- Youtube income
- 115-BAC-for AOP-private discretionary trust
- Insurance make against any item and later get insurance claim received
- IN PAGHDI SYSTERM . RENT RECPT CHANGE OF NAME AFTER FAMILY PARENTS TO SON
- CAN a GSTIN registered under rule 14A opt for composition scheme without withdrawal from rule 14A ??
- Surcharge applicability on LTCG loss
- E-Invoice applicability related question
- ITR-U for AY21-22
- Cgst asmt - 10
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- GST ON PERSONAL MOTORCAR SOLD
- Cash gift by grand mother to her grand daughter
- APPLICABILITY OF RCM ON MAN POWER SUPPLY BY UN REGISTERED PERSON TO REGISTERED PERSON.
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
