1.Can any one tell me if Partnership firm is not opted presumtive income then which form is require to file ITR 5 Or ITR 4S?
2.And 8 % Profit creteria is for BEFORE Parnters Remunaration and interest OR AFTER Remunaration and interest?
3.IF we show profit more than 8% before partners remu. and interest and less than 8 % after partners remu. and interest then Audit is compulsary
Please tell me
for your second and third anser that 8% is definatly before remunaration and interest you have to provide for remunaration and interest sepreatly, and for audit also it is 8% before remunaration and interest only.
1. First of all Presumptive Taxation is applicable only if total turnover does not Rs.6000000/- & in case of Professional Rs. 6000000/- Will be replaced by Rs 1500000/-....8% profit criteria is before partners remunerations...ie if turnover is Rs 5000000/- and partners remuneration as per sec 40 (b) is 300000....then taxable profit will be Rs.100000/-
2. For the purpose of audit also the above limits are applicable, however if u show profit less than 8% of turnover(before remuneration & interest) then audit is required....
yes i agree with manoj
agree with Mr. Nimit & Manoj
CAclubindia
