I AM FILING ITR OF A PARTNERSHIP FIRM (NOT 44AD ASSESSEE AND NOT AUDIT ASSESSEE). DO I HAVE TO KEEP NET PROFIT OF 8% OR DOES 8% INCLUDE INTEREST ON PARTNERS CAPITAL AND REMUNERATION TO PARTNERS AND NET PROFIT ALSO. PLEASE CLARIFY.
Menu
Partnership firm
Replies (1)
To avoid the tax audit of firm the net profits declared should be atleast 6/8% of turnover, whether deduction of interest & remuneration claimed or not.
Recent Topics :
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
- FAST DS 2026
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
Related Topics :
CAclubindia
