sir,
in case of partnershp firm there is a loss of 4000 after allowing partners salary of 160000. total receipts are 450000 approx.
please clarify the tax if any according to sec 44 AD
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Sec 44 ad with refernece to partnership firm
Replies (5)
In case of 44AD u have to declare minimum income of Rs.36000/- & no deduction from salary & interest is allowed.
So u have to tax of Rs. 11124/-(36000*30%+EC)
So u have to tax of Rs. 11124/-(36000*30%+EC)
Above calculation is right but if you have a litle bit turnover of this firm then why you are going to choose 44AD.
Better to honestly declare this loss.
If u want to declare loss then u have to get your books audited by CA.
I think here the person is not liable for Audit. Because his book profit is 1,60,000-4,000=1,56,000/-.
So his profit is 1,56,000/4,50,000*100= 34.66%. (More than 8%).
So the person is not liable for audit of his book of Accounts.
sir
if book profit is 156000 than allowable salry would be 150000 and taxable income would be 6000.?please clarify
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