Please Help: Tax Audit
Posted Date : 09-Jul-2020 , 02:59:42 pm | Posted By Chirag Asija
A partnership firm (NOT LLP) incorporated on 01.04.2018. The total sales for FY 2018-19 is Rs.10,00,000/- and the profit is Rs.2,000/-. Please provide the solution for following queries:-
1. Whether the firm is liable for tax audit due to section 44AD (4) &(5) alongwith reasons for the same?
2. What would be the tax liability of the firm?
1. Whether the firm is liable for tax audit due to section 44AD (4) &(5) alongwith reasons for the same?
2. What would be the tax liability of the firm?
Category : Income Tax | Answers : 0 | Comments : 1 | Hits : 264
Answers:
Comments
keyur bhansari
10-Jul-2020 , 01:49:21 pmAudit u/s 44AD will be applicable because after remuneration and Interest to Partner was less than 6%/8%. And tax liability will be 30%+Cess.