44ad is applicable

Others 738 views 3 replies

It is Partnership Firm.

Turnover of Rs.12,50,000/-

Loss of Rs.1000/- after deduction of Interest on Capital of Rs.30,000/- & salary not  given to any partner.

Whether there should be required minimum 8% profit (applicable 44AD - yes / no) ? & Audit required even though there is loss or and due to less than 8% ?

So pls give me solution as per provision of Income Tax Act. 

Replies (3)

If you dont want to pay tax on presumptive 8%, you are required to get ur accounts audited to claim a lower profit/loss/

Yes, In Your 44AD Will Come in Picture.

 

For Better Understanding You can read This Article Shared by Amol Bhai.

 

/articles/new-section-44ad-text-and-discussion-9713.asp#.UTiItqL-GxA

agree with nikhil....


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