Incometax

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audit staff
725 Points Posted on 18 January 2014

dear sir,

        one of the client is a partnership(pharmacy business) firm it has 6 partners.business started on dec 2011 something date.IN IT return ay 2012-13 nill return & ay 2013-14 turnover is 14lacks. my doubt is is the firm opt to go 44ad @ 8% declare. my opinion is correct .pls help me.

                                And one more doubt is if partners interest is mandatory paid.

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On 18 January 2014 at 20:13 Report
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Practising CA
5649 Points Posted on 19 January 2014
The Partnership is covered u/s 44AD of I.T. Act. If the profit as per books is 8% or more then the profit as per books shall be taken. However , if profit is less than 8% then under I.T act , profit shall presumed at 8% ( Presumptive taxation ) Regards Raj C.Doshi
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On 19 January 2014 at 15:17

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