44ad
This query is : Resolved
01 July 2013
44 AD i;e 8% is considered on GP or NP
thnx
thnx
01 July 2013
It is not GP or NP.
Sum equal to 8% of the total turnover or gross receipt of the assessee and No deduction is allowable under provisions of sections 30 to 38. However in case of partnership firm remuneration to partner and interest on partner’s capital is allowable. For the computation of allowable partner’s remuneration, book profits would be deemed income less interest on capital. Further written down value of any depreciable asset of such business shall be calculated as if depreciation has been actually allowed.
Sum equal to 8% of the total turnover or gross receipt of the assessee and No deduction is allowable under provisions of sections 30 to 38. However in case of partnership firm remuneration to partner and interest on partner’s capital is allowable. For the computation of allowable partner’s remuneration, book profits would be deemed income less interest on capital. Further written down value of any depreciable asset of such business shall be calculated as if depreciation has been actually allowed.
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