Turnover limit

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MAYUR (Querist)
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27 July 2018 Sir, if partnership firm turnover below 2 crore & after remuneration & interested paid to partner net profit below 8% can audit compulsory or profit 8%on turnover compulsory before remuneration distribute or after remuneration if firm turnover is 1 crore can profit showing 8% means 8 lakh please guide advice

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 July 2018 1 Audit compulsory in view of declaration of less profit.
2 8% profit compulsory before remuneration to partner.
3 yes 8 lacs profit.

MAYUR

MAYUR (Querist)
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27 July 2018 No ,means after or before remuneration 8%. After remuneration 8% compulsory??

MAYUR

MAYUR (Querist)
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28 July 2018 sir replay after or before remmuniration profit 8% please clear concept

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2018 Yes after remuneration 8% compulsory.

RAJA P M

RAJA P M (Expert)
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28 July 2018 If form opt u/s 44ad then no way for claim Remuneration and Interest. Profit will shown 8 percent or above 8 percent...

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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31 July 2018 After remuneration and interest , taxable profit @8% or more is complusory u/s 44AD. Otherwise, the firm have to gget its accounts audited.

RAJA P M

RAJA P M (Expert)
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31 July 2018 As per new amendment no way for book remuneration and Interest...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 August 2018 Remuneration and interest allowed but 8% profit to be declared after remuneration and interest.

MAYUR

MAYUR (Querist)
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01 August 2018 sir, means suppose Profit 9 lakh before remuneration after remuneration 3lakh (means Audited) 95 lakh turnover

& suppose turnover is 95 lakh means [ 760000] 8% profit compulsory & tax liability 30% +Surcharge
around 2.5 lakh tax ?????

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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01 August 2018 YES , Mayur otherwise get your accounts audited.

RAJA P M

RAJA P M (Expert)
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01 August 2018 As per sec 44AD with new Amendment no way for claim Remuneration and Interest...

If assessee will claim and shown the profit 8 percentage after claim the Remuneration and Interest. The return will accept the state...

Even in case the partners will be file his ITR and Show the Remuneration and Interest from the Firm then the firms account will be fall under scrutiny. And back to add the Remuneration and Interest to PandL account in the firm...

https://www.caclubindia.com/Forum/details.asp?mod_id=432606

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 August 2018 Remuneration and interest can be claimed by opting tax audit in case of lower profit than 6/8% .

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