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44AD in case of Partnership firm


Rahul Rustagi (Student CA Final )     18 June 2019

Rahul Rustagi
Student CA Final  
 11 likes  270 points

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Is it advisable for a partnership firm to opt for presumptive taxation if it shows ad-hoc profit @ 6% or 8% as the case may be..

I raised this question because the firm is taxable @ 30% and may be having higher profits otherwise.

Thanx in advance

avater

Dhirajlal Rambhia (KVO Merau Kutchh)     18 June 2019

Dhirajlal Rambhia
KVO Merau Kutchh 
 9136 likes  92739 points

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6/8 % margin is over turnover for determination of PROFIT........

30% tax-ability is over profit so arrived is for calculation of TAX....

Both are different and hence, no contradiction!

avater

Rahul Rustagi (Student CA Final )     18 June 2019

Rahul Rustagi
Student CA Final  
 11 likes  270 points

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If the actual earning of the firm is Rs 10L and the profit as per 44AD is Rs 5L, which profit should we consider..??

avater

Pratik Agrawal   18 June 2019

Pratik Agrawal

 4 points

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Depends on the ITR which you are filing.


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