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.
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Partnership firm
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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.
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