44ad and partnerships salary interest allowed
This query is : Resolved
04 September 2020
Firm xyz is opting for 44 AD and suppose turnover is 1000000
As per 44 AD Provision 8 %profit is coming to be 80000
Now firm pays 20000 as salary to partners.
Can we claim deduction for it or not.
As per 44 AD Provision 8 %profit is coming to be 80000
Now firm pays 20000 as salary to partners.
Can we claim deduction for it or not.
05 September 2020
Hi,
If you are choosing to declare income based on presumptive basis then its assumed that all expenses have been provided for, including interest on Partners Capital and remuneration for working partner.
CA Praveen M R
www.prsrglobal.in
If you are choosing to declare income based on presumptive basis then its assumed that all expenses have been provided for, including interest on Partners Capital and remuneration for working partner.
CA Praveen M R
www.prsrglobal.in
05 September 2020
8% presumptive income is allowed after all deduction including partners salary and interest , further adjustment or deduction to 8% not allowed.
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