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Firm income tax

ITR 186 views 1 replies

                M/S  TRIISTAR  PARTNERSHIP FIRM. HIS TOTAL RECT.RS,12.50LAKS FOR THE ASST-YER  2017-18. NET PROFIT IS RS.10,000/- INCLUDING  PARTNER SALARY RS,1,92,000/-.UNABSORBED DEPRECATION LOSS RS.225454/- FROM THE ASST-  YEAR  2016-17..

IMY QUERY

1) AUDIT U/S 44AD OR 44ADA

2)  CURRENT YEAR TOTAL DEP.LOSS C/F?

3) 8% PROFIT RS.1,00,000 ON  GROSS RECT  LESS DEP.LOSS  ADJ .RS.225454? DECLARED TOTAL LOSS. RS,105454?

Replies (1)

Tax audit is not required since net profit before charging partners salary is Rs. 2,02,000 which is more than 8% of gross profit.


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