- SUPPOSE A PARTNERSHIP FIRM HAS MAINTAINED REGULAR BOOKS OF ACCOUNTS. IS THE AUDIT LIMIT OF 8% OF GROSS TURNOVER AFTER PARTNER'S REMUNERATION AND INTEREST ON CAPITAL OR BOTH CAN BE DEDUCTED AFTER CALCULATING NET PROFIT AFTER 8%
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Remuneration and interest on capital
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I think 8% is after interest but before remuneration
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