8% net profit...of turnover.....any deduction of partners
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2017
8% NET PROFIT...OGF TURNOVER.....ANY DEDUCTION OF PARTNERS
NET PROFIT & REMUNERATION OF PROFIT OF 8%
THEN ...TAXABLE PROFIT....OR STRAIGHT 8% OF TRUN-OVER.....
ANY DIFFERENCES
FOR MANUFACTURING & RETAILES PARTNERSHIP FIRM.....
VAST....VAST ...DIFFERENCES,,,AMONG CA...FOR FY-2016-17 AY-2017-18
EML...LOOK4U@REDIFFMAIL.COM
NET PROFIT & REMUNERATION OF PROFIT OF 8%
THEN ...TAXABLE PROFIT....OR STRAIGHT 8% OF TRUN-OVER.....
ANY DIFFERENCES
FOR MANUFACTURING & RETAILES PARTNERSHIP FIRM.....
VAST....VAST ...DIFFERENCES,,,AMONG CA...FOR FY-2016-17 AY-2017-18
EML...LOOK4U@REDIFFMAIL.COM
14 March 2017
The new provisions of section 44AD for partnership firms are applicable from AY 17-18 onwards so now partnership firm will not get deduction of remuneration and interest of partners separately out of net profit of 8% of gross receipts. It shall be deemed to have been included in the same.
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CA Gopal Somani
(Expert)
14 March 2017
Agree with Mr. Abhishek. No separate deduction from FY 2016-17 onwards.
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