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Partnership firm net profit before partners remuneration more than 8%, tax audit applicable?

Others 1023 views 3 replies

Hello,

I have a partnership firm,

Sales = 38,00,000.

Gross profit = Rs. 614000

Net Profit Before Remuneration to partners is Rs. 308000 i.e 8.1%

Remuneration is Rs. 270000 on 3 lakhs then 4800 on balance 8000.

Net profit after remuneration is Rs. 3200 

So in the above case please suggest me whether am i liable to income tax audit?

Or can i file normal income tax return i.e ITR 5 with tax audit as the above case is for F.Y 2018-19.

Replies (3)
Net profit 8% should be counted after remuneration, so in above case u should go for audit

please explain which section 

Maintaining books as per section 44AA 


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