04 September 2020
Firm xyz is opting for 44 AD and suppose turnover is 1000000 As per 44 AD Provision 8 %profit is coming to be 80000 Now firm pays 20000 as salary to partners. Can we claim deduction for it or not.
05 September 2020
Hi, If you are choosing to declare income based on presumptive basis then its assumed that all expenses have been provided for, including interest on Partners Capital and remuneration for working partner.
05 September 2020
8% presumptive income is allowed after all deduction including partners salary and interest , further adjustment or deduction to 8% not allowed.
CAclubindia
