TMI BlogPresumptive TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... As per section 44AD , even a partnership firm can avail the benefit of presumptive tax. In view of omission of proviso to section 44AD(2) , 6% or 8% of turnover will be treated as taxable profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after giving effect to remuneration and interest on capital of partners. Let us assume 6% of turnover of a firm works out to ₹ 10 lakh. In such a situation, whether working partners have to o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffer salary which is deemed to have been allowed as income in their hands. If yes, how to arrive at the same. - Reply By shwetal oswal - The Reply = Yes, we have to distribute salary to the working ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partners of that much amount, after which net profit of the firm works out to ₹ 10 lakhs. - Reply By ARVIND JAIN - The Reply = It is advisable to go for Tax Audit as Book profit before partne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r remuneration would be too high if we consider NP as per Section 44AD . No Audit is advisable only in case real profit is so high to cover up remuneration and book profit. - Presumptive Tax - Qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery Started By: - Ethirajan Parthasarathy Dated:- 1-5-2021 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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