Sec 44ad and 40(b)
There is a question. income of partnership firm is computed @ 8% of turnover now remuneration and interest is deducted from this amount us 44AD. Now the question is whether tax audit is required since after deducting income is less then 8% of turnover. please answer
Replies (1)
Not required.
But remuneration and interest has to be computed as per tax laws.
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