hi, I am preparing return for a partnership firm whose annual turnover is less than 60 lacs and partners interest and remuneration cumulatively more than 8% of turnover, net profit of firm is 0, in this case can i prepare it under section 44ad?
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Return selection for partnership firm
Replies (1)
No Problem even if the Net Profit is Nil after Salary and Interest. Only remember that the Net Profit should be 8% or more before Salary and Interest.
Regards,
Devendra Kulkarni
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