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partnership deduction
interest and remuneration to partners allowable for deduction in partnership firm for ay 2017-18
Replies (8)
1. interest upto 12% if specified in partnership deed.
2. Remuneration as follows:
90% of profit or RS. 150000 whichever is higher upto profit of RS. 300000.
60 % of profit above RS. 300000
2. Remuneration as follows:
90% of profit or RS. 150000 whichever is higher upto profit of RS. 300000.
60 % of profit above RS. 300000
I know this rules but I have heared that this rules will not be applicable for ay 2017-18
Karan you better check out the act. I don't think there is any change.
now not allowed from AY 17-18
can you please specify notification number ?
it will not be allowed only in case of Section 44AD case. There is no restriction otherwise.
If you declare you income in normal provision then it is allowed.
But in case you declare profit as per the provision of Section 44AD then it is not allowed.
the rule for not availing deduction apply for 44AD case except any other case
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