BOOK PROFIT 80000, ALLOWBALE REMUNERATION FOR PARTNERS

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accounts
67 Points Posted on 27 November 2020

DEAR ALL,

Our Firm Book Profit is 8000/- what is allowable remuneration for partners?

and can we file itr 5 with our tax audit (turn over below 20 lakhs)

 

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On 27 November 2020 at 16:34 Report
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Quick Summary
This discussion addresses a firm's book profit of £8000 and queries about allowable partner remuneration. It also explores the possibility of filing ITR-5 without a tax audit for turnovers below £20 lakhs, referencing Section 44AB of the Income Tax Act.

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Profession
28261 Points Posted on 27 November 2020
I think you are mistaken
tax audit is applicaable as per provisions of Sec 44AB.
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On 27 November 2020 at 16:51
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accounts
67 Points Posted on 27 November 2020

can we file itr 5 with out tax audit (turn over below 20 lakhs)

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=564969&offset=0#reply

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On 27 November 2020 at 16:57

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