Partnership income

Partnership doing business covered under 44AD and have turnover around 15-25 Lakh.

Case 1: Profit before salary is 8% of turnover

Q1. whether it is mandatory to opt 44AD?

Q2. Whether they have to pay tax on amount after salary adjustment or before salary adjustment

Case 2 . Profit before salary is less than 8%.

Q1. Whether it is mandatory to have tax audit

Q2. Whether they have to pay tax on amount after salary adjustment or before salary adjustment

Replies (1)
Case1
Answer 1. Not mandatory
Answer 2. Before salary adjustments
Case 2
Answer 1. Yes audit mandatory
Answer 2. If books audited then, then pay tax after salaries adjustment.

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