22 August 2017
in p'ship firm t/o is 50lakhs for f.y.2016-17 & as per amended provision if we will go for 44AD option than in such case partner's interest and remuneration is not allowed as deduction so... can we go for regular books of a/c (no audit case) and claim deduction of partner's remuneration & interest.. E.g. :- turnover = 50,00,000 minimum profit req to be shown = 4,00,000 (I.e 50,00,000 * 8% ) but we will take as Rs.7,00,000/- therefore, profit before interest and remuneration = 7,00,0000 interest to partners = 3,00,000 remuneration of partner = 3,30,000 net taxable profit = 70,000 Now as per amended provision what is my taxable profit in regular books of a/c (no audit case) Rs.7,00,000 or Rs.70,000 ?
CAclubindia
