44ab - partnership firm

1. Yes........ or even offer the income assessment u/s. 44AD.

2. In either case tax audit is not required if profit margin is 6/8 % or more........

3. File u/s. 139(4).....

Thank you Sir.,

In the AY 2017-18 Tax Audit is appilicable to Partnership Firm..

so above said view by your reply..

3. File u/s 139 (4)....

If I file the section then tax audit not required...???

If yes.. Please give the solutions or Explain...

I think there is mis-understanding,  I repeat:

In either case tax audit is not required if profit margin is 6/8 % or more........

When tax audit is not applicable........ then you cannot file it within due date.... which was  5th August, 2017

If you wish to go for Tax audit.......... you can file u/s. 139(1) upto 31.10.2017.....

First you decide....... what is the profit margin you have......
 

SIr.,

Last FY (2015-16) T/O                - Rs. 46,21,870 /-

Profit Before remuneration       - Rs.   4,99,071/-

Less remuneration                     - Rs.  3,89,450 /-

Profit                                            - Rs. 1,09,630 / -

Tax Payments                              Rs. 33876 (TDS- Rs.33040 + Cash - Rs. 990 withInterests)

Now FY 2016-17 .Rs. 43 lakhs... 

Assuming total turnover through bank......... 43 lakhs * 6% profit = 2.60 lakhs.

So, in case the client is ready to declare minimum 2.60 lakhs profit.... and also ready to pay tax about Rs. 80,000/-......... Tax audit will not be applicable......... Otherwise file normally u/s. 44AB with tax audit report.

SIR

I DO HAVE PARTNERSHIP FIRM STARTED IN 2016-17. BUT NO SALE PURCHASE BEING DONE. 

BANK INTEREST AND OTHER EXPENSES MAKE PL NEGATIVE . IN THAT CASE TAX AUDIT REQUIRES OR NOT ???

@ Durgesh Bansal ......TAR Not required.....