vipul khanna (accountant) (89 Points)
22 March 2018Sir,
In a partneship firm profit befor partner remuneration & interest on capital is more than 8% but after partner remuneration & interest profit is less but we are preparing proper profit & loss account in that case tax audit is applicable or not ( We are not showing 44ad income ) for AY 2017-18. Plz advice me urgently
Regards
Vipul
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 22 March 2018
Venkatesh Dangeti
(CA Final)
(885 Points)
Replied 22 March 2018
vipul khanna
(accountant)
(89 Points)
Replied 22 March 2018
SIR I M PREPARING PROPER BOOKS & SHOW PROFIT 10% BEFORE REMUNERATION & INTEREST PAID THEN TAX AUDIT IS APPLICALE OR NOT
vipul khanna
(accountant)
(89 Points)
Replied 22 March 2018
REMUNATION AND INTERESRT PAID AS PER DEED & AS PER ICOME TAX SLAB
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 22 March 2018
vipul khanna
(accountant)
(89 Points)
Replied 23 March 2018
TURNOVER IS 5518049/- GROSS PROFIT IS 474550/- , PARTNER SALARY IS 340000/- INTEREST IS 51600/- AFTER THAT NET PROFIT IS 82950/- . WE HAVE TO PREPARE COMPLETE PROFIT & LOSS ACCOUNT ( NOT 44AD INCOME), THEN AUDIT IS APPLICALE
Kamal Verma
(Financial advisor)
(588 Points)
Replied 23 March 2018
No need for tax audit since the net profit before charging remuneration & interest paid to partners is equal or more than 8%.
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 23 March 2018
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
CAclubindia
