Partnership firm taxation for a.y.2018-19

No.

Once taxed under partnership firm then it will be distribution of capital/shares.

IF A PARTNERSHIP FIRM HAS TURNOVER OF RS. 16.00 LAC AND DECLARE PROFIT AT 2% AFTER CHARGING SALARY/INTEREST TO PARTNER AND NEVER OPTED FOR 44 AD IN PREVIOUS YEARS; IF IT CAN FILE ITS RETURN  WITH PROFIT AND LOSS AND BALANCE SHEET WITHOUT TAX AUDIT.

 

As such no.

But add back the interest and remuneration paid to partners to net profit (i.e. 2% around), and if this amount is above 6/8% of TO (i.e. 16 lakhs); you can avoid audit.

Sir , Accounting Year 2018-19 mera Partner Ship firm ka turn over Rs,40 Lakh he Or Capital Interest Rs. 3,60,000/- Or Remuneration to Partner Rs.1,10,000/- Profit NIL (Total Profit Rs. 4,70,000/- Less Capital Interest Rs.3,60,000/- & remuneration Rs. 1,10,000/- Share Of Profit NIL) Muje Audit Applicable Hoga Kaya , Last Year Accounting Year 2017-18 Me Audit me thha . Please Sir

If you  declare  minimum profit of 6/8% ( of bank/cash) turnover i.e. 40 lakhs here, and pay tax over it, no question of Tax audit ..