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Parntership firm not having profit 8% turn over rs. 6 lacs

Tax queries 288 views 5 replies

HELLO,

MY QUERY IS THAT PARTNERSHIP FIRM HAVING TURNOVER  OF RS. 6 LACS IN F.Y. 15-16 AND PROFIT BEFORE REMUN. AND INT. IS RS. 13000. SHOULD THEY LIABLE FOR TAX AUDIT (TAX AUDIT DATE HAS PASSED ) WHAT SHOULD DO TO AVOID TAX AUDIT OR FILE RETURN U/S 44 AD ?

Replies (5)
I think u have to declare 8 % profit no other go to escape from tax audit
profit 48000 give allowable remuneration up to 90% and also give interest up to 12%. you can bring the profit of 48000 to whatever amount you want. so you will end up with paying tax as you deemed ok 13000 less actual remuneration onl

Dear Tea,

We have paid 1% TDS on Sale on property through 26qb, my question is we need to file retuns or not?

Dear Team,

We have paid 1% TDS on Sale on property through 26qb, my question is we need to file retuns or not?

 

No TDS return required to be filed by individuals, not having TAN, but paid TDS through 26QB.


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