i have a question regarding partnership return filing. Let me tell you the situation.
ABC is a partnership business having turnover of 18,30,000/-
Gross profit is 6,04,077/-
Int on capital 80,310/-
Profit before partners remuneration 2,47,659/-
Partners remuneration is 2,22,000/-
Net profit after partner's remuneration is 25,659/-
No books of accounts are maintained.
So now do i need to file return under section 44AD as the books are not maintained.
and if i file under section 44AD than which amount shall i consider as net profit before partners salary or after partners salary. Because if i take after partners salary than i am liable for tax audit also am i right?
and if i file ITR file filling balance sheet details and P&L than i am supposed to maintain books of accounts right but i do not have that.
If i file ITR 5 and fill no books maintained details than which amount shall i take as net profit?
because actual profit after partner's remuneration is 25,659/- only on which i am suppose to pay tax. but than how will i inform that 25,659 is profit after remuneration?
i hope you understood the situation.
Kindly help me in this situation.