No.
Once taxed under partnership firm then it will be distribution of capital/shares.
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Partnership firm taxation for a.y.2018-19
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.
| Originally posted by : Dhirajlal Rambhia | ||
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" What will be consequences of declaring net profit above 8% and then taking deduction for partners remunaration and interest on capital @ 12%?? No problem, unless the amount is offered to tax again in the hands of partners !!! "is it required to audit the books of account even if turnover is below audit limit??" Once income is offered under presumptive assessment, question of maintaining books does not arise...... so, where is the question of tax audit u/s. 44AB... |
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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 ..
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