Partner remuneration

on the first Rs. 3,00,000 of the book-profit : Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;

on the balance of the book-profit : at the rate of 60 per cent 

Salary in case of loss will not be given

as per section 40(b)

1. In case of loss remuneration will be Rs 150,000/-

2. if book profit is less than Rs 300,000/- then 90% of Profit or Rs. 150,000/- whichever is higher

Note : if you declare profit less than 8% or 6% then need to get accounts audited 

i think its only when we file pur return on presumptive baisis ..

No, its compulsory for all partnership firms

supose a firm has inccured loss then remunertaion payable to both the partners will be 75k each which together will amount to 150k and no need of audit . is this is right . 

Originally posted by : pavel
	supose a firm has inccured loss then remunertaion payable to both the partners will be 75k each which together will amount to 150k and no need of audit . is this is right .

yes

Originally posted by : pavel
	supose a firm has inccured loss then remunertaion payable to both the partners will be 75k each which together will amount to 150k and no need of audit . is this is right .

yes

I think you need to get your BOA audited as per section 44AB if u do not suffice (8/6)% criteria even though u pay remuneration to partners.

It has happened to many partnership firms during ITR season that is why they are in the slab of Tax Audit.

(Correct me if i am wrong).

Thanks

here the grooss reciept is only 80k and after all the expenses net profit is only 4k . this means its books are required to be get audited .

If it comes under Professional Services then 44ADA will be applied(as u talk about Gross Receipts). 

&

Normally, 44AD can be considered and BOA needs to be audited.

yes it proivdes services and its gross reciept is 80thousand and net profit is 4-5thousand ..so its reqired to be audited am i right ...

Yes , as per my erlier reply you need to get accounts audited if profit decleared is less than 8% or 6%

Payment of remuneration or not in another part