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44ad and partnerships salary interest allowed

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(Querist)
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.
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praveen

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praveen (Expert)
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
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
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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