our turnover partnership firm is 16 lakh , we are professional
if we are maintaining books of account, and want to show our net profit below 50%(after partners salary and interest)
then it is must to get account audited?
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tax audit applicability
Replies (2)
Yes. Applicable........
yes audit applicable bcoz FROM THE A.Y. 2017-18 the deduction in respect of interest and remuneration to partners are not to be deducted from N.P. .
it means u have to show 50% after interest and remuneration.
it means u have to show 50% after interest and remuneration.
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