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 out  tax audit (turn over below 20 lakhs)

 

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On 27 November 2020 at 17:05 Report
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This discussion clarifies allowable partner remuneration for a firm with a book profit of £8000, stating the maximum is £7200 (90% of profit). It also confirms that an ITR-5 can be filed without a tax audit if turnover is below £20 lakhs. The advice suggests filing ITR-3 for partners in a books of account scenario.

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tax consultant
3306 Points Posted on 27 November 2020
No you cannot.
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On 27 November 2020 at 19:51
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Accountant
3662 Points Posted on 27 November 2020
Maximum allowable remuneration to Partners is 7200 (8000 @ 90%)
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On 27 November 2020 at 21:14
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Tax consultant
5895 Points Posted on 28 November 2020
Yes you can file with out tax audit
and Jatinder calculation is right as per first 3 lakh rules
and file itr 3 for partner in books of account case
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On 28 November 2020 at 02:08

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