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Calculation of partners salaries in case of 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 November 2016 Dear Experts
As per sec 40B upto 300000 profit 90% partners salaries can be claim and more then 300000 60% can be claimed however my turnover is 30 Lakh and 8% of 30 Lakh is 240000/- pls tell me for the partners salaries weather 90% of 240000/-will be claimed or 90% of actual NP after all expenses will be consider,

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Anant Jain

26 November 2016 90% of 2,40,000 can be claimed.

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 November 2016 Sir there are two partners weather 12% 12% interest can be claimed to both partners or only 12% interest will be claimed for both partners on their capitals




26 November 2016 12% interest on each of their capital can be claimed.

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 November 2016 That means both partners can claim 12% 12% interest on their capital?
Right.......

26 November 2016 Yes you are right...............



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