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8% net profit...of turnover.....any deduction of partners

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Querist : Anonymous

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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
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
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

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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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