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
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44AD in case of Partnership firm
Replies (3)
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!
If the actual earning of the firm is Rs 10L and the profit as per 44AD is Rs 5L, which profit should we consider..??
Depends on the ITR which you are filing.
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