Partnership should show net profit 8% or not

yes otherwise you would have to get tax audit done

Not compulsorily. But if you want to declare less profit you have to get your accounts audited.

Yes.... It's compulsory if the Firm can't opt u/s 44AB.

Originally posted by : RAJA P M
	Yes.... It's compulsory if the Firm can't opt u/s 44AB.

"8%" Net Profit is Before Remuneration of Parters or After remuneration of Partners ?

In Case of LLP?

 

 

 

8% is after remuneration

No. Sec 44AD is not applicable to LLPs, hence cannot use ITR 4.

Section 44(ad) provides special provisions for computing business profit on presumptive basis from the assessment year 2011-12.

Conditions - The provisions of section 44AD are applicable only if the following conditions are satisfied-

Eligible Assessee - The assessee should be and eligible assessee. Eligible assessee for this purpose is person resident in India who is individual, a Hindu Undivided family or a partnership firm, (not being a limited liability partnership-LLP)

The first condition itself disragard the LLP from benefits. LLP can not file returns by taking benefits of section 44(AD).

if PF has adopted 44AD then PF should show minimum profit of 8% or 6% if it's in digital mode