Sir,
How can I declare the profit in Partnership firm the firm below 40 lacs turnover ...and my question is if i declare rs.10,000/- net profit can i pay the tax Rs.3,000/- (30%) ?.. Please clarify..
Thanking you.
Srinivas
Menu
Partnership firm
Replies (1)
Profit can be computed after claiming expenses from turnover i.e. Net Profit = Turnover - Expenses.
In my opinion, NP of Rs. 10,000/- on a turnover of Rs. 40 lacs wont be acceptable by IT deptt. coz that means that you are declaring NP of 0.25% which is really low.
Recent Threads
- Reverse charge .can transport company collect Rev
- LTCG-LOSS ON SALE OF EQUITY SHARES
- Exploring E-Invoicing and Automation: Transforming
- Tax Filing 2026
- Best CA Inter Costing classes
- Best CA foundation classes
- Best CA coaching in Laxmi Nagar
- TDS on DDA Flat Purchase
- Can CA Foundation be done without coaching
- Department issue notice to client to pay TC
Related Threads
CAclubindia
