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.
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....
CAclubindia
