44AD
This query is : Resolved
25 June 2011
IN CASE OF PARTNERSHIP FIRM IF FIRM PAYS TAX BY OFFERING 8% OF T.O AS NET PROFIT BY APPLYING 44AD INSTEAD OF 20% NET PROFIT ARRIVES IN BOOKS THEN WHAT WILL BE TAX IMPLICATION OF REMUNERATION & NET PROFIT WETHER IT WILL BE AS PER 44 AD OR ACTUAL SHOWN IN BOOKS.
25 June 2011
Remuneration is permitted u/s 40(b) on the 8% profit only because 20% profit has no relavance since presumptive assessees are not supposed to maintain books of accounts.
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