turnover 15 lacs
net profit before remuneration 3lacs
net profit after remuneration 30000
now u/s 44ad remuneration to partners is not allowed. therefore profit will be @ 8% 1.2 lacs and tax thereon 36000 (itr4)
if i don't opt for presumptive income (thereby maintaining books) , and show net profit 30000 after deducting remuneration, shall i be liable for audit ( since profit less than 8%). and what itr to be filed? itr5?
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partnership firm tax return
Replies (4)
yes your financial statement need to be audited
even if i maintain books of accounts? with turnover of 15 lacs?
irespective of turnover if profit is shown below 8%
yes firm is liable to tax audit..
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