I have a 2 queries please anyone can give a reply
1. If partnership firm getting a loss is it necessary for it to do tax audit us 44AB read with section 44AD ???
2. Incase of capital expenditure say construction of office ... tds need to be deducted for contractors or professional expenditure or tds need to be deducted only incase of revenue expenditure ?? Pls reply
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taxation of partnership firm
Replies (3)
1. Not required, but no deduction of interest and salary paid to partners, before arriving the loss......
2. TDS to be deducted for all the expenses, be it revenue or capital nature....
thnx Rambhia sir ; & thanx for replying every queries i posted .. audit not required since its taxable income does not exceed amt not chargeable to tax because of that clause sir ??
if for eg sales rs 200 & profit Rs 10 .. then audit will be required since for firm taxable income starts from re. 1 .. am i correct sir ???
if for eg sales rs 200 & profit Rs 10 .. then audit will be required since for firm taxable income starts from re. 1 .. am i correct sir ???
Yes, correct.....
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