14 October 2015
Hi, if transporter opt for 44AE, Partner's remuneration is allowed. My question is condition of 7500 under 44AE Calculate before remuneration or after such remuneration.
For Examples Income u/s 44AE 7500 x 12 = 90000 Less Remuneration Salary to partner 150000 Interest on Capital 102000 Net Loss -162000
Whether return can be filed under 44AE or have to maintain books of account and conduct Audit.
14 October 2015
Calculate 7500 before remuneration. For the above example return can be filed u/s 44AE no audit is required as you are declaring income of 7500.